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Branch is building next-generation captivating social games in web3. The gameplay is based on islands that users can own as NFTs, each with a different composition of virtual resources. These resources can be crafted into usable items or structures within the game. The "play-to-earn" element comes from users paying each other to harvest the materials for them, or reselling the items as NFTs on secondary marketplaces.
Shanghai Court Announces Verdict on Cross-Border Virtual Currency Matching Exchange Case Involving Over 200 Million Yuan, 5 Sentenced for Illegal Business Operations
According to news from the Jing'an Procuratorate, the People's Procuratorate of Jing'an District, Shanghai has publicly prosecuted a criminal gang involved in illegal foreign exchange conversion using cross-border virtual currency matching in accordance with the law. The gang used overseas "private banks" as a cover and, through an "RMB—Virtual Currency—Foreign Exchange" matching model, provided illegal currency exchange services to high-net-worth clients with needs for overseas property purchase, immigration, or study abroad funds, charging a 3% currency exchange service fee. The case spanned 3 years, involving over 200 million yuan. On June 10, 2026, the court held a session and announced the verdict in court. The 9 involved personnel were handled categorically, among whom 5 were sentenced to fixed-term imprisonment ranging from six years to two years and six months, and fined ranging from 1.5 million yuan to 300,000 yuan, while the other 4 were given relative non-prosecution treatment due to minor circumstances. Currently, the Shanghai Branch of the State Administration of Foreign Exchange has initiated administrative case filing investigations against the non-prosecuted personnel, building a "criminal accountability + administrative punishment" cross-border financial governance closed loop.
Thailand Issues Arrest Warrant for Chinese Businessman Involved in Cryptocurrency Mining–Related Money Laundering
According to the New Straits Times, Thailand has issued an arrest warrant for Chinese businessman Wang Yicheng, accusing him of involvement in a transnational network that laundered proceeds from fraud and online gambling through illegal cryptocurrency mining. Thailand’s Special Branch of the Police stated that Wang Yicheng was charged in November 2025 with theft and violations of the Computer Crime Act; he is currently suspected of having fled the country, and Thai authorities are cooperating with international law enforcement agencies to track his whereabouts.
Futu Holdings Discloses Receipt of Investigation Notice and Preliminary Administrative Penalty Notice from the China Securities Regulatory Commission, with Proposed Total Fine of Approximately RMB 1.85 Billion
According to Wall Street Insights, Futu Holdings disclosed that it has received investigation notices and a pre-notification letter of administrative penalties from the China Securities Regulatory Commission (CSRC) and its Shenzhen Branch. The CSRC stated that certain Futu-affiliated companies in mainland China and Hong Kong conducted securities business, public fund sales business, and futures business in mainland China without obtaining the required licenses or approvals, allegedly violating the Securities Law, the Securities Investment Fund Law, and the Futures and Derivatives Law. The CSRC intends to order the relevant companies to rectify or cease such activities, confiscate unlawful gains, and impose fines totaling approximately RMB 1.85 billion. Additionally, the CSRC intends to impose a fine of RMB 1.25 million on Li Hua, Futu’s founder and CEO.
The People’s Bank of China Shaoguan Branch issued a risk alert on virtual currencies and released four typical cases.
The People’s Bank of China Shaoguan Branch, in collaboration with the General Office of the Shaoguan Municipal People’s Government, issued a risk alert on virtual currencies ahead of the “4·15” National Security Education Day for All Citizens. It also disclosed four typical cases: money laundering through “high-paying U.S. dollar-pegged stablecoin (USDT) part-time jobs,” illegal fundraising under the guise of “capital-guaranteed, high-yield cryptocurrency trading,” pyramid scheme fraud involving the “RWA Digital Culture & Tourism Fund,” and offline “currency swapping” activities constituting de facto foreign exchange transactions. Regulators clarified that virtual currency exchange, trading, and RWA tokenization activities are all illegal financial activities. Projects promising “high returns, low risk, and guaranteed profits” are mostly scams. The public should abandon fantasies of getting rich overnight, steer clear of virtual currency-related investments, opt for legitimate financial channels, and promptly report any suspicious activity to the police to minimize losses.
Shenzhen announces a batch of non-compliant self-media accounts involving virtual currency and illegal stock recommendations; multiple accounts permanently closed.
According to Shenzhen News Network, the Shenzhen Branch of the People's Bank of China, the Shenzhen Bureau of the China Securities Regulatory Commission, the Municipal Internet Information Office, and the Municipal Local Financial Administration jointly launched a special rectification campaign, announcing and permanently closing a batch of non-compliant self-media accounts. The violations were mainly divided into two categories: first, accounts such as "USDT Merchant Exchange Group" and "Search Bitcoin" violated regulations by providing virtual currency marketing and promotion within the mainland, inducing the public to participate in illegal financial activities; second, accounts such as "Pajama Old Zhang" and "Zhengwu Stock Path" lacked securities and futures qualifications, and by showing profit screenshots, publishing live trading operations, etc., induced netizens to pay to join groups and purchase financial management courses, illegally engaging in securities and futures business. The aforementioned accounts have been permanently closed by the platforms in accordance with the law, and Shenzhen authorities stated that they will continue to increase efforts to rectify the online environment.
OFAC updates ISIS-K sanctions list, adds 134 cryptocurrency wallet addresses; Tether has frozen all TRON address balances
According to Chainalysis, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) updated its sanctions list against ISIS-K (Islamic State Khorasan Branch) on July 1, adding 134 cryptocurrency wallet addresses, of which 131 are on the TRON chain and 3 are Monero addresses. On-chain data shows that the aforementioned TRON wallets have cumulatively received over $1.4 million since 2023 and transferred out over $880,000, with some funds flowing to Syrian crypto exchangers. Currently, Tether has frozen the balances of all 131 TRON addresses. Additionally, on the same day, OFAC also sanctioned two Brazilian individuals and four companies related to the Latin American criminal organization "Primeiro Comando da Capital" (PCC), accusing them of using cryptocurrency to transfer over $30 million in illegal proceeds across borders from the United States to Brazil.
Thailand Issues Arrest Warrant for Chinese Businessman Involved in Cryptocurrency Mining–Related Money Laundering
According to the New Straits Times, Thailand has issued an arrest warrant for Chinese businessman Wang Yicheng, accusing him of involvement in a transnational network that laundered proceeds from fraud and online gambling through illegal cryptocurrency mining. Thailand’s Special Branch of the Police stated that Wang Yicheng was charged in November 2025 with theft and violations of the Computer Crime Act; he is currently suspected of having fled the country, and Thai authorities are cooperating with international law enforcement agencies to track his whereabouts.
The People’s Bank of China Shaoguan Branch issued a risk alert on virtual currencies and released four typical cases.
The People’s Bank of China Shaoguan Branch, in collaboration with the General Office of the Shaoguan Municipal People’s Government, issued a risk alert on virtual currencies ahead of the “4·15” National Security Education Day for All Citizens. It also disclosed four typical cases: money laundering through “high-paying U.S. dollar-pegged stablecoin (USDT) part-time jobs,” illegal fundraising under the guise of “capital-guaranteed, high-yield cryptocurrency trading,” pyramid scheme fraud involving the “RWA Digital Culture & Tourism Fund,” and offline “currency swapping” activities constituting de facto foreign exchange transactions. Regulators clarified that virtual currency exchange, trading, and RWA tokenization activities are all illegal financial activities. Projects promising “high returns, low risk, and guaranteed profits” are mostly scams. The public should abandon fantasies of getting rich overnight, steer clear of virtual currency-related investments, opt for legitimate financial channels, and promptly report any suspicious activity to the police to minimize losses.
Related news
Shenzhen announces a batch of non-compliant self-media accounts involving virtual currency and illegal stock recommendations; multiple accounts permanently closed.
According to Shenzhen News Network, the Shenzhen Branch of the People's Bank of China, the Shenzhen Bureau of the China Securities Regulatory Commission, the Municipal Internet Information Office, and the Municipal Local Financial Administration jointly launched a special rectification campaign, announcing and permanently closing a batch of non-compliant self-media accounts. The violations were mainly divided into two categories: first, accounts such as "USDT Merchant Exchange Group" and "Search Bitcoin" violated regulations by providing virtual currency marketing and promotion within the mainland, inducing the public to participate in illegal financial activities; second, accounts such as "Pajama Old Zhang" and "Zhengwu Stock Path" lacked securities and futures qualifications, and by showing profit screenshots, publishing live trading operations, etc., induced netizens to pay to join groups and purchase financial management courses, illegally engaging in securities and futures business. The aforementioned accounts have been permanently closed by the platforms in accordance with the law, and Shenzhen authorities stated that they will continue to increase efforts to rectify the online environment.
OFAC updates ISIS-K sanctions list, adds 134 cryptocurrency wallet addresses; Tether has frozen all TRON address balances
According to Chainalysis, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) updated its sanctions list against ISIS-K (Islamic State Khorasan Branch) on July 1, adding 134 cryptocurrency wallet addresses, of which 131 are on the TRON chain and 3 are Monero addresses. On-chain data shows that the aforementioned TRON wallets have cumulatively received over $1.4 million since 2023 and transferred out over $880,000, with some funds flowing to Syrian crypto exchangers. Currently, Tether has frozen the balances of all 131 TRON addresses. Additionally, on the same day, OFAC also sanctioned two Brazilian individuals and four companies related to the Latin American criminal organization "Primeiro Comando da Capital" (PCC), accusing them of using cryptocurrency to transfer over $30 million in illegal proceeds across borders from the United States to Brazil.
Shanghai Court Announces Verdict on Cross-Border Virtual Currency Matching Exchange Case Involving Over 200 Million Yuan, 5 Sentenced for Illegal Business Operations
According to news from the Jing'an Procuratorate, the People's Procuratorate of Jing'an District, Shanghai has publicly prosecuted a criminal gang involved in illegal foreign exchange conversion using cross-border virtual currency matching in accordance with the law. The gang used overseas "private banks" as a cover and, through an "RMB—Virtual Currency—Foreign Exchange" matching model, provided illegal currency exchange services to high-net-worth clients with needs for overseas property purchase, immigration, or study abroad funds, charging a 3% currency exchange service fee. The case spanned 3 years, involving over 200 million yuan. On June 10, 2026, the court held a session and announced the verdict in court. The 9 involved personnel were handled categorically, among whom 5 were sentenced to fixed-term imprisonment ranging from six years to two years and six months, and fined ranging from 1.5 million yuan to 300,000 yuan, while the other 4 were given relative non-prosecution treatment due to minor circumstances. Currently, the Shanghai Branch of the State Administration of Foreign Exchange has initiated administrative case filing investigations against the non-prosecuted personnel, building a "criminal accountability + administrative punishment" cross-border financial governance closed loop.
Thailand Issues Arrest Warrant for Chinese Businessman Involved in Cryptocurrency Mining–Related Money Laundering
According to the New Straits Times, Thailand has issued an arrest warrant for Chinese businessman Wang Yicheng, accusing him of involvement in a transnational network that laundered proceeds from fraud and online gambling through illegal cryptocurrency mining. Thailand’s Special Branch of the Police stated that Wang Yicheng was charged in November 2025 with theft and violations of the Computer Crime Act; he is currently suspected of having fled the country, and Thai authorities are cooperating with international law enforcement agencies to track his whereabouts.
Futu Holdings Discloses Receipt of Investigation Notice and Preliminary Administrative Penalty Notice from the China Securities Regulatory Commission, with Proposed Total Fine of Approximately RMB 1.85 Billion
According to Wall Street Insights, Futu Holdings disclosed that it has received investigation notices and a pre-notification letter of administrative penalties from the China Securities Regulatory Commission (CSRC) and its Shenzhen Branch. The CSRC stated that certain Futu-affiliated companies in mainland China and Hong Kong conducted securities business, public fund sales business, and futures business in mainland China without obtaining the required licenses or approvals, allegedly violating the Securities Law, the Securities Investment Fund Law, and the Futures and Derivatives Law. The CSRC intends to order the relevant companies to rectify or cease such activities, confiscate unlawful gains, and impose fines totaling approximately RMB 1.85 billion. Additionally, the CSRC intends to impose a fine of RMB 1.25 million on Li Hua, Futu’s founder and CEO.
Hubei cracks first cryptocurrency theft case, involving over 100 million yuan in funds
: Guo Tingyu, a cyber police officer from the Qingshan Branch of the Wuhan Public Security Bureau, participated in the investigation of Hubei's first cryptocurrency theft case. By tracking fund flows and analyzing fake wallet codes, he identified and dismantled a theft gang involving over 100 million yuan in funds. All five suspects have been apprehended.The report states that the gang induced users to download fake cryptocurrency wallet apps to commit theft, with cumulative downloads exceeding 10,000 times. Guo Tingyu also participated in solving multiple cryptocurrency-related crime cases. (Hubei Daily)