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

According to Gate News bot, the Singapore United Morning Post reported that 34-year-old Xie Jiajie assisted his boss Liu Hanquan, who was operating an unlicensed Exchange Currency business, in managing the team and conducting transactions of Crypto Assets. In just 23 days, he handled 430 transactions totaling over 35 million yuan. The man was arrested during a police raid and sentenced to 10 months in prison. The defendant Xie Jiajie faced two charges of breaching the Payment Services Act and one charge of breaching the Anti-Corruption, Drug Trafficking and Serious Crimes (Confiscation of Benefits) Act. He had previously admitted to one of the charges, while the remaining charges will be considered by the judge when sentencing on June 26.

According to reports, Sir Money Changer (SMC) is a licensed family company that provides currency exchange and cross-border remittance services, with 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 business using the license. He hired employees himself but paid for the employee provident fund in the name of SMC, later reimbursing the related costs. Starting from September of the same year, Liu Hanquan began operations covering cross-border remittances and Tether transactions, but did not report to the Monetary Authority nor submitted transaction records. The mastermind Liu Hanquan fled to Cambodia after the case broke and emptied his crypto assets wallet; he is still at large.