Company Behind CNHC Stablecoin Arrested by Chinese Officials

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As per the publications by PANews on 31 May, the CNHC Group, the company that issued the CNHC stablecoin tied to the overseas RMB 1:1, has been without connectivity since the afternoon of May 29.

CNHC Issuer Detained

The news agency also reported that when they visited the organization’s office building in Pudong, Shanghai, they discovered that it was vacant as well as that a seal reading “Judicial Seizure, Strictly No Vandalism,” stamped on May 29, 2023, was attached to the front entrance.

The family members of certain employees had also been informed that the team had been arrested and taken away by the police. 

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Company’s Business Takes a Toll

In accordance with the sources, the business’s currency stability hasn’t been actively promoted, however it additionally provides cross-border payment services, and the case could be impacted by these kinds of offerings. 

The offshore RMB stable currency CNHC, and the Hong Kong dollar stable currency HKDC are among the products offered by Trust Reserve, according to official information. Notably, CNHC group is now known as Trust Reserve. 

KuCoin has Invested in the CNHC Group

KuCoin Ventures, the financial investment arm of the KuCoin cryptocurrency exchange, was one of the investors who participated in the US$10 million Series A+ funding that CNHC announced previously in March. 

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Other investors included IDG Capital, a supporter of KuCoin, as well as Circle Ventures, the investing arm of Circle, the business that produces the USD Coin.

Hong Kong Takes a Different Approach

While different countries put legal frameworks in place, the global cryptocurrency business is adjusting to follow the changing laws and regulations. For example, Hong Kong’s SFC, which announced the development of a licensing scheme and the ability for retail investors to trade cryptocurrency, reflects efforts to strike a balance between investor safety and participation in this emerging asset class.

Meanwhile, a Whitepaper concentrating on industrial growth has also been released by Beijing, the capital city of China, in an effort to embrace the changing environment of developing technologies.

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