The Central Committee of the Chinese Communist Party (CCP) expels a senior provincial official after investigations suggested illegal involvement in crypto mining activities, among other abuses of power.
The Central Commission for Disciplinary Inspection (CCDI) alleged that Xiao Yi, former vice chairman of the Jiangxi Province Chinese People's Political Consultative Conference, abused his state-backed administrative powers to undermine the "two maintenance" political principle, which is related to the CCP. notion of firmly maintaining party authority:
"[Xiao Yi] it violated the new development concept, abused power to introduce and support companies to engage in virtual currency "mining" activities that do not meet the requirements of national industrial policy. "
Xiao's termination was directly related to his involvement in introducing and supporting companies to engage in virtual currency mining activities. Furthermore, the Chinese government found Xiao guilty of abusing his influence to allow illegal activities for profit, including raising funds for projects and construction and taking bribes. According to a translated version of the CCDI report:
"Xiao Yi seriously violated the party's political discipline, organizational discipline, integrity discipline, labor discipline and life discipline, and constituted a serious labor offense and was suspected of taking bribes and abusing power."
As a result, Xiao Yi was removed from his post as a Chinese government official, in addition to having his illegal property and income seized for review and prosecution.
Related: Huobi Group moves to Gibraltar after China's crackdown
The latest cryptocurrency ban in China has forced the thriving crypto community, including Bitcoin (BTC) and crypto miners and exchanges, to switch to countries with crypto-friendly jurisdictions.
In similar efforts, China's largest in-house crypto exchange Huobi has also acquired new licenses in Gibraltar. As Cointelegraph reported, the Gibraltar Financial Services Commission authorized the Chinese stock exchange to begin shifting its spot trading operations to the affiliate of Huobi Technology (Gibraltar) Co. According to Jun Du, CEO of Huobi Group:
โThe global cryptocurrency sector is moving towards regulated growth. [...] The company must recognize the importance of aligning its activities with the trend โ.
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