According to a report by Foresight News, citing a report by The Paper, the Shanghai Public Security Bureau held a press conference today. This year, Shanghai police have cracked multiple cases of illegal business operation and money laundering using virtual currency as the intermediary. More than 70 criminal suspects were arrested, and the amount involved exceeded RMB 20 billion (200 billion yuan).

In one of the extremely large underground money-changer cases, since August 2024, Liou and Xu and others used virtual currency as a settlement vehicle without approval, completing the “RMB—virtual currency—foreign currency” exchange through coin merchants and matched trading, and collected fees. The amount involved was nearly RMB 20 billion (about 200 billion yuan). The police arrested 19 people; 5 were detained for approval on suspicion of the crime of illegal business operation and the crime of assisting in information network criminal activities. In another case, a certain gang established a technology company and built a cross-border remittance and virtual credit card settlement platform, with an amount involved of more than RMB 200 million (over 2 billion yuan). The police arrested 9 people. On the grounds of suspicion of illegal business operation, 5 people were approved for arrest according to law by the procuratorial authorities, and 4 criminal suspects were subject to criminal coercive measures by the police according to law.