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Chinese Financial Commentator Fired Over Crypto Comments: Report
Prominent voices have increasingly become the target of China’s crackdown on crypto.
Cai Junyi, assistant director and chief market analyst of the Shanghai Securities Research Institute, was dismissed from his post because he was promoting cryptocurrencies, reported China Fund News.
- One source said that Cai was arrested by police in July, while another source said that he surrendered to the authorities, according to the report.
- Cai allegedly promoted crypto during a live event, according to the report. But there were other reasons behind his removal, another source said.
- The police will reveal more information soon, according to the report.
- China’s financial regulators banned crypto exchanges and initial coin offerings in 2017 and have been cracking down more intensely on the industry, especially crypto mining, since May.
- Cai was a prominent financial commentator in print and on TV. Shanghai Securities is a brokerage founded in 2001 and has registered capital of RMB 2.6 billion ($400 million), according to company data platform Aiqicha.
- In July, crypto news source CoinWorld announced it was shutting down, saying it was following cryptocurrency provisions issued by the Business Administration Department of the People’s Bank of China.
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
