A Trust Reserve stablecoin team was detained by police in China on May 29 pnews,
The news outlet reported that the team was “taken away and detained by police, and family members of some employees were informed.”
According to PaNews, the office in Shanghai was empty and was stamped “judicial seizure, strictly no vandalism”.
The Trust Reserve had products including the stablecoin CNHC and the Hong Kong dollar stablecoin HKDC.
HKDC is a stablecoin backed one-to-one to the Hong Kong dollar, and CNHC is a stablecoin pegged to the offshore RMB, backed one-to-one. Website,
According to the tech company’s website, Trust Reserve also completed a $10 million A+ fundraising round led by KuCoin Ventures and followed by Circle and IDG Capital.
Trust Reserve did not respond to a request for comment.
China’s stance on crypto
From 2021, China has banned crypto mining, crypto trading and eventually crypto transactions.
The country has also launched its own central bank digital currency, which has processed As of October 2022, there have been over $14 billion in transactions so far.
Meanwhile, Hong Kong outlines plans february To allow retail investors to trade certain digital currencies on licensed exchanges, according to previous cryptonews.com reporting.
Hong Kong’s Securities and Futures Commission said retail investors will be allowed to trade certain “large-cap tokens” on licensed exchanges, noting that safeguards such as knowledge tests, risk profiles and appropriate limits on exposure are put in place Are.
Hong Kong is working on becoming a crypto hub after the SFC banned retail investors from crypto trading for the first time in 2018.
However, the SFC said that “the virtual asset landscape has changed significantly” since it first announced the regulatory regime.
