Chinese Financial Commentator Fired Over Crypto Comments: Report

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Follow @egreechee on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.