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Five Defendants Sentenced to Up to 6 Years for Illegal Forex Ring Using Crypto to Move $29.4M

GateNews
Enforcement ActionsRegulation & Policy
According to the Shanghai Jing'an District People's Procuratorate, five defendants were sentenced to prison terms ranging from two and a half to six years for operating an illegal foreign exchange network that used crypto to transfer more than 200 million yuan (approximately $29.4 million) abroad. The group helped domestic clients bypass China's foreign exchange controls, targeting wealthy individuals seeking overseas funds for property purchases, emigration, or education. The defendants also received fines ranging from 300,000 yuan ($44,150) to 1.5 million yuan ($220,780). Authorities arrested nine people in connection with the three-year operation, which was uncovered after the State Administration of Foreign Exchange flagged unusual transactions in July 2024.
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In-Depth Analysis

South Korea Refers Two Crypto Manipulation Cases to Prosecutors

Ethan Brooks15h ago

Shanghai Court Sentences Five to Prison Over $29M Crypto Forex Scheme

Ethan Brooks07-01 08:40

Shanghai Jing'an cracks virtual currency exchange case, involving over 200 million yuan.

Market Whisper07-01 03:52
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