A man was sentenced to 10 months in prison for assisting in the management of illegal Exchange Currency and Crypto Assets teams.

PANews reported on June 27 that according to Lianhe Zaobao, knowing that his boss Liu Hanquan was operating an unlicensed Exchange Currency business, 34-year-old Xie Jiajie still helped him manage the team and operate the exchange of Crypto Assets, handling a total of 430 transactions worth over 35 million yuan in just 23 days. The man was arrested during a police raid and sentenced to 10 months in prison. The defendant Xie Jiajie faced two charges of violating the Payment Services Act and one charge of violating the Corruption, Drug Trafficking and Serious Crimes (Confiscation of Benefits) Act. He had previously admitted to one of the charges, while the remaining charges were to be considered by the judge when sentencing on June 26. According to reports, Sir Money Changer (SMC) is a licensed family-owned company that provides currency exchange and cross-border remittance services, with the directors being the Mohamad couple. In June 2021, SMC opened an additional business point in Geylang, where Liu Hanquan proposed to pay 14,000 per month to independently operate remittance services under the borrowed license. He hired employees himself but paid their contributions in the name of SMC, later reimbursing the related expenses. Starting in September of the same year, Liu Hanquan began operations, covering cross-border remittances and Tether transactions, but did not report to the Monetary Authority or submit transaction records. The mastermind Liu Hanquan fled to Cambodia after the case broke and emptied his Crypto Assets wallet; he is still at large.