Xiao Yi, an ex-Chinese politician was expelled from the Communist Party for exploiting his power and being engaged in crypto mining operations.
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On November 13, the Central Committee of the Chinese Communist Party (CCP) announced the decision, presenting reasons.The report says that the highest internal control institution of the Chinese Communist Party together with the National Supervision Commission carried out a case review on the discipline violations and laws by Xiao Yi. The governing party of China said that Yi didn't follow his original mission and disobeyed the highest political principle of the country, the "two to maintain" rule.
According to the CCP, Xiao Yi is also suspected of taking bribes.
In addition to being expelled, Yi's property and income were seized by the state for review and legal actions.In September, the Central Bank of China announced stricter rules for crypto regulations, including banning foreign exchanges to deliver services for Chinese residents. After the release of the note, crypto businesses in the country started to move out or close.
Major exchange Huobi announced suspending operations for China the next day.
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Lately, Huobi Group revealed moving to Gibraltar.