The Chinese Communist Party’s (CCP) strict controls on foreign exchange have led to a proliferation of underground banks. Shanghai police recently cracked the first case of an underground bank selling game time cards (GTC) as a cover for illegal currency exchange. In six years, the underground bank has transferred $3.75 billion.
According to Chinese media reports, the underground bank used the GTCs as a medium to form a multi-link currency exchange chain in China, helping domestic and foreign customers exchange currencies. Over 20 people have been arrested and 3 online exchange platforms have been shut down.
