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Gate launches stock transfer feature, making cross-broker transfers of US and Hong Kong stocks more convenient

The cryptocurrency trading platform Gate officially launches the stock transfer in and out function, supporting the transfer of US and Hong Kong stock assets across brokers. Users can transfer positions from external brokers into Gate, and can also transfer assets from their Gate stock accounts to other brokers. Gate does not charge any transfer fees for in or out transactions. This service uses the FOP transfer method, with US stocks processed through the DTC system and Hong Kong stocks processed through the CCASS system. Users can experience this feature by updating the Gate App to version 8.26.0 or above. Currently, this function is being gradually rolled out, and users can pay attention to subsequent version update information.To celebrate the launch of the stock transfer function, Gate simultaneously launches the "Stock Transfer Benefits" event. Users who register between July 1, 2026, and July 7, 2026, and submit a transfer application during the event period, successfully transferring US or Hong Kong stocks held by external brokers into their Gate stock accounts, with a total asset market value of 3,000 USDT or equivalent, can participate in cash subsidies for valid transfer fee receipts from the original broker and VIP upgrade benefits; the maximum subsidy for US stocks is 15,000 USDT, for Hong Kong stocks it is 6,000 USDT, and the highest VIP level can be upgraded directly to VIP 9.

The Shanghai procuratorate in China has cracked a cross-border virtual currency exchange case, with the amount involved exceeding 200 million yuan

According to the disclosure from the People's Procuratorate of Jing'an District, Shanghai, recently, the court prosecuted a certain Li for suspected illegal business operations in a criminal gang that used virtual currency for cross-border money laundering and illegal foreign exchange. On June 10, the case was heard in court and a verdict was announced on the spot, marking a conclusion to a series of illegal business operations spanning three years and involving over 200 million yuan. In July 2024, the State Administration of Foreign Exchange discovered abnormal clues regarding Company Z using virtual currency to transfer assets for domestic clients during routine monitoring, and subsequently referred the case to the public security authorities for handling.Investigations revealed that Company Z was registered overseas in 2019, promoting itself under the guise of a "private bank" and developing a virtual banking app to create a facade of legitimacy, but it had not obtained the necessary foreign exchange business operation license in China and was essentially engaged in illegal foreign exchange activities. The gang targeted high-net-worth individuals with funding needs for overseas property purchases, immigration, and studying abroad, using intermediaries to attract clients, with customer managers, traders, and customer service personnel facilitating the currency exchange process. Clients purchased virtual currency from virtual currency exchangers with renminbi and transferred it to Company Z's overseas virtual wallet, after which the gang exchanged the virtual currency for foreign currency abroad and transferred it to the clients' designated overseas accounts. There was no actual cross-border flow of funds; instead, settlements were made through domestic and foreign capital pools, with Company Z charging a 3% currency exchange service fee and paying intermediaries a 0.5% commission.A total of nine individuals have been brought to justice in this case, while one main suspect is still under investigation. After review, the relevant personnel collectively violated national laws by illegally buying and selling foreign exchange, disrupting financial order, and the circumstances were serious or particularly serious, warranting criminal liability for illegal business operations. The court sentenced five individuals, including Gao and Li, to prison terms ranging from six years to two years and six months, and imposed fines ranging from 1.5 million yuan to 300,000 yuan; for Chen, Huang, and four others, due to lighter criminal circumstances, relatively smaller amounts involved, and voluntary confession, the procuratorial authority made a decision of relative non-prosecution according to the law.
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