WuShuo has learned that the Shanghai Jing'an District People's Procuratorate recently prosecuted a cross-border illegal cryptocurrency exchange case involving over 200 million RMB. The main culprit, Li and 4 others, were sentenced, while 4 additional individuals were not prosecuted. Investigations revealed that since 2019, Company Z had been operating under the guise of a 'private bank,' using domestic and overseas teams to facilitate cross-border 'mirror exchanges' via cryptocurrency. They attracted clients through study abroad and immigration agencies, targeting high-net-worth individuals with overseas asset needs. The group exploited the anonymity and on-chain transfer features of cryptocurrency to deliberately sever transaction traces, charging a 3% service fee. They then converted the cryptocurrency into foreign currency abroad and deposited it into clients' accounts. https://www.(wublock123.com)/news/news-63782