The Chinese Communist Party (CCP) Central Committee expelled a senior provincial official after investigations into unlawful involvement in crypto mining activities, including abuse of power.

The Central Disciplinary Inspection Commission (CCDI) alleged that Xiao Yi, former vice-chairman of the Chinese People’s Political Consultative Conference in Jiangxi Province, had abused his government-sponsored administrative powers to undermine the “two-thing” political principle based on the notion of to firmly maintain the authority of the party:

“[Xiao Yi] violate the new development concept, abuse the power to introduce and support companies in the introduction and support of activities of “mining” of virtual currencies that do not meet the requirements of national industrial policy. “

Xiao’s termination was directly related to his involvement in launching and helping companies conduct virtual currency mining activities. In addition, the Chinese government found Xiao guilty of abusing his influence to facilitate illegal profit-making activities, including raising funds for projects and building and taking bribes. According to a translated version of the CCDI report:

“Xiao Yi has seriously violated the Party’s political discipline, organizational discipline, integrity discipline, labor discipline and life discipline, and was a grave workplace injury and was suspected of accepting bribes and abusing power.”

As a result, Xiao Yi was expelled from his position as a Chinese government official, and his property and illegal income was confiscated for review and prosecution.

Related: The Huobi Group is moving to Gibraltar following the procedure in China

The recent crypto ban in China has forced the thriving crypto community – including Bitcoin (BTC) and crypto miners and exchanges – to move to countries with crypto-friendly jurisdictions.

In a similar effort, China’s largest internal crypto exchange, Huobi, has also acquired new licenses in Gibraltar. As reported by Cointelegraph, the Gibraltar Financial Services Commission has authorized the Chinese stock exchange to move its spot trading activities to its subsidiary Huobi Technology (Gibraltar) Co. According to Jun Du, CEO of the Huobi Group:

“The global cryptocurrency sector is moving towards regulated growth. […] The company must recognize how important it is to align its activities with the trend. ”


Subscribe Us to receive our latest news in your inbox!

We don’t spam! Read our privacy policy for more info.


Please enter your comment!
Please enter your name here