Bitcoins
A Beijing court has sentenced Hao Gang, a former deputy director of the Beijing Financial Bureau, to 11 years in prison for bribery and Bitcoin-related money laundering.
The ruling marks another significant step in China’s crackdown on financial misconduct linked to cryptocurrency.
China Cracks Down on Bitcoin-Linked Corruption
The court reportedly delivered its verdict on Thursday, February 6, after a two-year probe into Gang’s activities. Investigators found that he accepted tens of millions of yuan in bribes to assist Bitcoin mining firms facing regulatory challenges.
Local reports also indicate that he helped a senior executive from a major mining company evade travel restrictions in exchange for illicit payments.
The court initially handed separate sentences—eight years for bribery and four for money laundering—but later merged them into an 11-year prison term. In addition to the jail time, Gang received a fine of RMB 1.3 million ($164,662).
Also, officials confiscated his illegally obtained earnings, redirecting them to the state treasury.
Hao Gang played a significant role in Beijing’s financial sector before the investigation into his activities began. His conviction reflects China’s strict stance against financial misconduct tied to Bitcoin. The ruling also signals an ongoing crackdown on corruption within the sector.
This case follows a similar high-profile sentencing. Last year, Chinese authorities sentenced a government worker to life in prison for selling classified information to a foreign intelligence agency. The individual, reportedly drowning in debt from failed crypto investments, resorted to espionage in exchange for digital assets.
Over the years, Chinese regulators have strengthened restrictions to curb illegal crypto transactions, aligning with the government’s long-standing stance against speculative investments in digital currencies.
However, China’s approach to cryptocurrency regulation remains inconsistent. While one ruling classified crypto trading as gambling, a prior High Court decision acknowledged digital assets as legal property.
This contradiction reflects the government’s struggle to maintain financial stability while adapting to the changing digital economy.
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Oluwapelumi Adejumo is a journalist at BeInCrypto, where he reports on a broad range of topics including Bitcoin, crypto exchange-traded funds (ETFs), market trends, regulatory shifts, technological advancements in digital assets, decentralized finance (DeFi), blockchain scalability, and the tokenomics of emerging altcoins. With over three years of experience in the industry, his works have been featured in major crypto media outlets such as CryptoSlate, Coinspeaker, FXEmpire, and Bitcoin…
Oluwapelumi Adejumo is a journalist at BeInCrypto, where he reports on a broad range of topics including Bitcoin, crypto exchange-traded funds (ETFs), market trends, regulatory shifts, technological advancements in digital assets, decentralized finance (DeFi), blockchain scalability, and the tokenomics of emerging altcoins. With over three years of experience in the industry, his works have been featured in major crypto media outlets such as CryptoSlate, Coinspeaker, FXEmpire, and Bitcoin…
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