Shanghai Court Sentences Five in $29M Crypto Forex Scheme

A Shanghai court has sentenced five individuals to prison for their roles in a $29.4 million crypto forex scheme.

The defendants, who helped Chinese clients move funds overseas through illegal foreign exchange transactions using cryptocurrency, received prison terms ranging from two and a half years to six years, along with fines between 300,000 yuan and 1.5 million yuan.

The group used crypto assets to help domestic clients bypass China's foreign exchange rules, adding to the country's enforcement campaign against underground banking and unauthorized cross-border money transfers.