Local news media China Fund News reported on the 14th that Chief Market Analyst Cai Zhao, assistant director of the Shanghai Securities Research Institute, was dismissed for recommending crypto assets.
According to a source, Mr. Cai was arrested by police in July. Meanwhile, another source said has confessed to the authorities.
The article reported that Cai was suspected of promoting crypto assets at a live event. However, another source suggested that there were other reasons for the dismissal as well.
Chinese regulators banned cryptocurrency exchanges and ICOs (Initial Coin Offerings) in 2017, and have tightened regulations on the crypto-asset industry, especially crypto asset mining, since May of this year.
Mr. Cai was active in various media channels as a financial commentator. He was also the assistant director of Securities Research Institute, a securities company established in 2001 with a capital of 2.6 billion yuan (about 400 million dollars) according to Aiqicha, a corporate information platform.
In July, cryptocurrency media CoinWorld announced the closure of its services in China, saying it would comply with the regulations of the People’s Bank of China.