Former CCP Official Expelled For Violating The Chinese Mining Ban

A former CCP official from the Jiangxi province, abused his administrative powers to undermine the Chinese crypto mining ban that relates to the notion of maintaining the authority of the party. So let’s read more in today’s crypto news.

The Central Committee of the Chinese Communist Party expelled the now Former CCP official after unlawful engagement with crypto mining activities among other abuse of power. The Commission for Discipline Inspection alleged that Xiao Yi, a former vice-chairman of the Chinese People’s Political Consultative Conference abused his state powers to undermine the principle of two-maintenance which relates to the notion of firmly maintaining the authority of the party:

“[Xiao Yi] violated the new development concept, abused power to introduce and support enterprises to engage in virtual currency “mining” activities that do not meet the requirements of the national industrial policy.”

Xiao’s termination was directly related to his involvement in supporting other enterprises to engage in virtual currency mining activities. The Chinese government found him guilty of abusing his powers to allow illegal profit-making activities like raising funds for projects and construction as well as accepting bribes. According to the CCDI report:

“Xiao Yi seriously violated the party’s political discipline, organizational discipline, integrity discipline, work discipline, and life discipline, and constituted a serious job violation and was suspected of taking bribes and abusing power.”

Xiao Yi was expelled from his position as a Chinese government official in addition to having his property and illegal income seized for prosecution. The latest ban in China forced the crypto community including BTC and crypto miners to shift to other countries with crypto-friendly jurisdictions. China’s biggest crypto exchange Huobi also acquired new licenses In Gibraltar as the Financial Services Commission of Gibraltar authoirzed the Chinese exchange to start moving its spot-trading operations and affiliate with the Huobi Technology CO. According to the CEO Jun Du:

“The worldwide cryptocurrency sector is moving toward regulated growth. […] The business must recognize the significance of aligning its activities with the trend.”

As we reported recently in our cryptocurrency news, Crypto Huobi exchange shuts down all crypto trading businesses and will not facilitate or support crypto futures trading, halting all related proceedings and more, as it said in an announcement last week. Huobi became the first exchange to have announced a withdrawal from mainland China after the imposed Chinese ban and notified its users of the impending shutdown in September later on, joint by other platforms like Bitmain, Coinex, Binance, BTC.com.