Shunjian Jiang, 30, was arrested in August 2016 after HM Revenue and Customs (HMRC) investigators found that he was operating an unregistered and unregulated MSB.
Jiang was living in London and buying upmarket fashion items in the UK and selling them on to customers in China. His customers were purchasing the goods with the Chinese yuan and with this stream of foreign currency he started promoting his illegal sterling-to-yuan exchange service on online forums to people in the UK.
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