Golden Finance reported that the Second Branch of the Shanghai Procuratorate issued a document stating that a few days ago, the Second Branch of the Shanghai People's Procuratorate filed a public prosecution in accordance with the law for a case of illegal foreign exchange trading using virtual currency, which was supported by the judgment. The court sentenced the defendant Wang to three years and three months in prison and a fine of RMB 30,000 for the crime of illegal business operation. This case is a new type of criminal case of illegal foreign exchange trading using virtual currency as a medium. The prosecutor reminded that this case is extremely confusing because it is mixed with so-called cross-border e-commerce business elements such as virtual currency trading, online payment, and recharge. Unlike the early illegal foreign exchange exchange by "standing scalpers" in front of banks and other financial institutions, and the later counter-trading of RMB and foreign exchange through underground banks, the defendant in this case implemented illegal foreign exchange trading with virtual commodity exchange as a medium. Using virtual currency as a trading medium to realize the currency value conversion of foreign exchange and RMB, including exchanging RMB for virtual currency, then exchanging virtual currency for foreign exchange, or exchanging foreign currency for virtual currency, and then exchanging virtual currency for RMB, all belong to illegal foreign exchange trading. The Internet is not a place outside the law, and virtual currency cannot be a cover-up for crime. Any behavior that uses legal forms to conceal illegal purposes will eventually be severely punished by law.