Jul 03, 2024 06:01 PM
FINANCE
CSRC Official Likely Used Cryptocurrency to Hide Bribes, Sources Say
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Yao Qian. Photo: VCG
Yao Qian, a tech-focused securities regulator who was placed under investigation for suspected corruption earlier this year, likely accepted bribes for supporting a tech company and used cryptocurrency to try and bury the paper trail, according to sources with knowledge of the matter.
A financial regulatory official, who was not named, leveraged their power and influence to support a privately owned company over a long period, and received huge sums of money and equity in return, a report from the National Audit Office (NAO) showed.
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- Yao Qian, a tech-focused securities regulator, is under investigation for suspected corruption involving bribes and use of cryptocurrency.
- The National Audit Office report indicates that Yao supported a tech company in exchange for money and equity, concealing his gains through complex financial maneuvers.
- Yao's long career includes significant roles at the PBOC and CSRC, and he is believed to have supported Nanjing Eztoo Information Technology Co. Ltd. for personal gain.
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Who’s Who
- Nanjing Eztoo Information Technology Co. Ltd.
- Nanjing Eztoo Information Technology Co. Ltd., founded in 2016, is a cryptography service provider involved in digital certificates and blockchain technology applications. It is under the supervision of the CSRC's technology supervision department. In August, it registered with the CSRC as an IT system services institution and has provided encryption services to several securities firms, including Everbright Securities Co. Ltd. and Huatai Securities Co. Ltd.
- Everbright Securities Co. Ltd.
- Everbright Securities Co. Ltd. is a securities firm that has received encryption services from Nanjing Eztoo Information Technology Co. Ltd., which is under investigation for alleged corruption linked to Yao Qian, a tech-focused regulator.
- Huatai Securities Co. Ltd.
- Huatai Securities Co. Ltd. is mentioned as one of the securities firms that received encryption services from Nanjing Eztoo Information Technology Co. Ltd., which Yao Qian allegedly supported for personal gain. Eztoo, a cryptography service provider, registered with the China Securities Regulatory Commission and announced providing encryption services to several securities firms, including Huatai Securities.
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What Happened When
- 2010 onwards：
- Yao Qian served in various positions at the central bank.
- 2017 to 2018：
- Yao Qian headed the People’s Bank of China’s digital currency research institute.
- 2018：
- Yao Qian returned to China Securities Depository and Clearing Corp. Ltd. (CSDC) as general manager.
- 2020：
- Yao Qian was tapped to lead the CSRC’s newly formed technology supervision department.
- August 2023：
- Nanjing Eztoo Information Technology Co. Ltd. announced that it had registered with the CSRC as an IT system services institution.
- April 23, 2024：
- Yao Qian was taken from his office.
- April 26, 2024：
- Yao Qian was placed under investigation for suspected severe violations of discipline and law, according to CCDI.
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