Shanghai’s Jing’an District People’s Procuratorate said in a June 29, 2026 WeChat post that five people were sentenced over an illegal foreign exchange operation using cryptocurrency. Prison terms ranged from 2.5 years to six years, making crypto-assisted FX transfers the center of the criminal case.
The case affects defendants accused of helping domestic clients move funds abroad outside China’s foreign exchange rules. Authorities said the operation handled more than 200 million yuan, or about $29.4 million, over three years, while fines ranged from 300,000 yuan to 1.5 million yuan, making high-net-worth outbound transfers the practical use case under scrutiny.
The next point to watch is whether related suspects face further action. Prosecutors said nine people were arrested and stressed that electronic evidence is central in crypto cross-border cases, so evidence preservation now sits at the core of enforcement.
Source: Shanghai Jing’an District People’s Procuratorate.
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.
