Regulation· ★★★· bearish·

Beijing fines tech firm 930,000 yuan for servicing crypto pyramid scheme

  • —Combined fine and confiscation totaled 930,000 yuan
  • —Firm was an outsourcer for a public chain: ops, marketing, exchange links
  • —Atomic Plan and Hathaway Plan rewarded recruiting new members
  • —Police detained the scheme's organizers in a parallel criminal case
Why it matters: Beijing is extending liability beyond scheme organizers to infrastructure vendors, raising compliance risk for crypto service providers in China.
Source: PANews
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