Chinese Yuan stablecoin developers arrested: Report 

CNHC is a firm that is responsible for the stablecoins of the Chinese yuan and Hong Kong dollar. On 31 May 2023, a media platform reported that a building at CNHC’s Shanghai division had been seized by the enforcement agencies.

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A poster message can be seen on the glass door, where it is written that “the building’s assets have been seized by law enforcement; vandalism is prohibited.”

The report noted that CNHC failed to contact stablecoin developers, so there is a huge chance that developers had been arrested by the enforcement agencies.

In March of this year, CNHC raised $10M under the leadership of KuCoin Ventures, Circle, and IDG Capital. And further was planning to expand its reach in Asia Pacific Region and also planning to shift its headquarters from the Cayman Islands to Hong Kong.

Few people connected this news with the missing news of Multichain Protocol CEO Zhaojun. The Multichain team has failed to contact the Multichain CEO for the last 10 days.

Few people claimed that Chinese authorities are taking action against crypto executives, as crypto is fully banned in the country.  The headquarters of Multichain is situated in Singapore and Zhaojun was in China, where he was reportedly arrested by the Chinese authorities.

China, Hong Kong, & Crypto

In China, crypto is fully prohibited. No businesses are allowed to provide any kind of crypto-related services.

Hong Kong is a special administrative region of China but still crypto trading is legal in Hong Kong. This month new laws by Hong Kong’s authorities have been released, which ensured that retail investors can also participate in the crypto trade activities but without any use of stablecoin.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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