China Securities Official Ousted Amid Virtual Currency Misconduct Allegations

Key Points:

• Former CSRC official Yao Qian was expelled from the Party and removed from office for serious violations.
• Investigations reveal illegal acceptance of property and involvement in virtual currency misconduct.

Yao Qian, the former director of the Science and Technology Supervision Department and former head of the Information Center at the China Securities Regulatory Commission (CSRC), has been expelled from the Communist Party and removed from public office due to severe discipline and law violation of virtual currency.

Yao Qian Expelled for Serious Virtual Currency Misconduct

According to the website of the Central Commission for Discipline Inspection and the National Supervisory Commission, Yao Qian abused his supervisory power to seek unjustified benefits for some service providers in technology transactions. His practice was interlocked with power-for-money trades, including those relevant to virtual currency.

Further investigation revealed that he illegally accepted huge amounts of cash and valuable presents, a serious violation of the Central Committee’s Eight-Regulation Spirit. In addition to financial misconduct, Yao was found guilty of breaching regulations in areas such as employee recruitment, investment, and shareholding.

Read more: Trump Prepares for Major Shift in US Crypto Regulation

Investigation Reveals Involvement in Power-for-Money Virtual Currency Transactions

The China Securities Regulatory Commission Party Committee, in conjunction with discipline inspection and supervisory departments, has made stern arrangements against Yao Qian’s misconduct with seriousness. He has been stringently punished based on the nature of his actions. His suspected criminal activities have been transferred to the procuratorate for review and prosecution by the law.

This demonstrates that the fight against corruption in China’s public institutions, particularly those that hold influential positions in the state’s financial markets, is still ongoing. The ouster of a high-ranked official reflects the Chinese government’s commitment to introducing transparency and accountability within the financial regulatory structure.