A Shanghai court sentenced five people to prison over an illegal foreign exchange network that used crypto to move more than $29.4 million abroad.
Summary
- Shanghai prosecutors said the group used crypto to move over $29.4 million abroad illegally.
- Five defendants received prison terms of up to six years and large financial penalties.
- The case comes as China expands enforcement against crypto-linked laundering and underground banking networks.
A Shanghai court sentenced five Chinese individuals to prison terms ranging from two and a half years to six years in a crypto-linked foreign exchange case. According to a post by the Shanghai Jing’an District People’s…
