{"id":18963,"date":"2023-05-31T10:02:01","date_gmt":"2023-05-31T10:02:01","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/cnhc-stablecoin-issuer-detained-by-chinese-police-report\/"},"modified":"2023-05-31T10:02:03","modified_gmt":"2023-05-31T10:02:03","slug":"cnhc-stablecoin-issuer-detained-by-chinese-police-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/cnhc-stablecoin-issuer-detained-by-chinese-police-report\/","title":{"rendered":"CNHC stablecoin issuer detained by Chinese police: Report"},"content":{"rendered":"<div data-v-2f4c2c70=\"\">\n<p>The Chinese government continues to crack down on the cryptocurrency industry with a new investigation targeting a major Chinese yuan stablecoin issuer.<\/p>\n<p>The team of Trust Reserve, the issuer of the Chinese yuan-pegged stablecoin CNHC, has been detained by the Chinese police, the local blockchain publication PANews reported on May 31.<\/p>\n<p>According to the report, Trust Reserve employees have been out of reach since afternoon May 29 due to multiple arrests. Some employees\u2019 family members have also been reportedly notified about the detentions.<\/p>\n<p>PANews also learned that Trust Reserve\u2019s office in Pudong, Shanghai was empty as of May 31. The door was sealed on May 29, with a notice saying \u201cJudicial seizure, strictly no vandalism.\u201d<\/p>\n<figure><figcaption style=\"text-align: center;\"><em>Trust Reserve\u2019s office in Pudong, Shanghai. Source: PANews <\/em><\/figcaption><\/figure>\n<p>Trust Reserve, formerly known as CNHC Group, is the issuer of the Chinese CNHC stablecoin as well as the Hong Kong dollar-pegged stable currency HKDC.<\/p>\n<p>In March 2023, Trust Reserve secured $10 million funding in a round led by KuCoin Ventures, a VC arm of major cryptocurrency exchange, KuCoin. Other prominent investors in the round included KuCoin\u2019s investor IDG Capital and Circle Ventures, the investment subsidiary of the USD Coin (USDC).<\/p>\n<p><strong><em>Related: China\u2019s crypto stance unchanged by moves in Hong Kong, says exec<\/em><\/strong><\/p>\n<p>CNHC co-founder Joy Cham previously told Cointelegraph that Trust Reserve launched its offshore yuan-pegged stablecoin, CNHC, in about 2021. The firm was expecting to increase exposure of the stablecoin in the near future as the stablecoin is only listed on one centralized exchange, TruBit Pro, according to data from CoinMarketCap.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/05\/4c696cbd-a8f6-4408-962d-b2d8cd24eecc.png\"\/><figcaption style=\"text-align: center;\"><em>CNHC stablecoin\u2019s historical price chart. Source: CoinMarketCap<\/em><\/figcaption><\/figure>\n<p>Trust Reserve and its representatives did not immediately respond to Cointelegraph\u2019s request for comment. This article will be updated pending new information.<\/p>\n<p><strong><em>Magazine:\u00a0Asia Express: Ripple, Visa join HK CBDC pilot, Huobi accusations, GameFi token up 300%<\/em><\/strong><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Chinese government continues to crack down on the cryptocurrency industry with a new investigation targeting a major Chinese yuan stablecoin issuer. The team of Trust Reserve, the issuer of the Chinese yuan-pegged stablecoin CNHC, has been detained by the Chinese police, the local blockchain publication PANews reported on May 31. According to the report, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-18963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CNHC stablecoin issuer detained by Chinese police: Report | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/cnhc-stablecoin-issuer-detained-by-chinese-police-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CNHC stablecoin issuer detained by Chinese police: Report | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"The Chinese government continues to crack down on the cryptocurrency industry with a new investigation targeting a major Chinese yuan stablecoin issuer. The team of Trust Reserve, the issuer of the Chinese yuan-pegged stablecoin CNHC, has been detained by the Chinese police, the local blockchain publication PANews reported on May 31. 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