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Five Sentenced to Up to Six Years Prison Over $29.4 Million Crypto Forex Scheme

Enforcement Actions

2026-07-01 08:38:32

According to the Shanghai Jingan District People's Procuratorate, a Shanghai court sentenced five individuals on Monday to 2.5 to six years in prison for facilitating more than $29.4 million in illegal cross-border foreign exchange transactions using crypto. The defendants were also fined between 300,000 yuan and 1.5 million yuan. The State Administration of Foreign Exchange discovered the scheme in July 2024, involving a company that helped domestic clients illegally transfer funds abroad using cryptocurrencies over three years.

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