Wu was informed that on November 20, 2024, according to the website of the Central Commission for Discipline Inspection of the National Supervisory Commission, Yao Qian, former director of the Science and Technology Supervision Department of the China Securities Regulatory Commission and former director of the Information Center, betrayed his original aspiration and mission, disregarded politics, pursued empty fame, claimed to be a financial technology expert, and spared no effort to support specific technology service providers for his own benefit, making them the “key nurtured objects” of his hunting. He abused regulatory powers such as the right to make policy recommendations, the right to formulate policies, and the right to enforce them, abandoning the responsibility of science and technology supervision. He sought improper benefits for others in expanding the business of information technology system service agencies, and in the procurement of software and hardware, using Virtual Money for corrupt transactions. He engaged in superstitious activities; disregarded the spirit of the Central Eight-point Regulations, illegally accepted valuable items such as Maotai liquor and hospitality; violated organizational principles by seeking benefits for others in staff recruitment; violated integrity and discipline by having the expenses for rental cars, which should have been paid by the individual, paid by the supervised entity, by improperly borrowing large sums of money from the supervised entity, and by illegally investing in and holding shares in enterprises. He illegally accepted a particularly large amount of property.

After research by the Party Committee of the China Securities Regulatory Commission, it has been decided to expel Yao Qian from the Party; after research by the Discipline Inspection Commission of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed in the China Securities Regulatory Commission, it has been decided to remove Yao Qian from public office; confiscate his illegally obtained gains; after research by the Shantou Municipal Supervision Commission in Guangdong Province, it has been decided to transfer the suspected criminal case of Yao Qian to the procuratorial organs for investigation and prosecution in accordance with the law, and transfer the involved property as well.

In April 2024, Yao Qian was suspected of serious violations of discipline and law, and is currently undergoing disciplinary review by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervision Commission stationed in the China Securities Regulatory Commission, and investigation by the Supervision Committee of Shanwei City, Guangdong Province.

Yao Qian is one of the pioneers of Digital Money at the Central Bank of China, and he is also a rare official within the system who has long been promoting Crypto Assets in China.

Yao Qian holds a doctoral degree and is a senior economist. He has worked for many years in the Information Department of the China Securities Regulatory Commission and China Securities Depository and Clearing Corporation. He served as the Director of the Information Statistics Department of the China Securities Regulatory Commission in June 1997; Deputy Director of the Computer Management Division of the Information Center of the China Securities Regulatory Commission in April 2001; Deputy Director of the Technology Department of the China Securities Depository and Settlement Corporation in September 2002; and Director of the System Operation Department of the China Securities Depository and Settlement Corporation in May 2006. In December 2010, he was transferred to the Central Bank and appointed as a member of the Party Committee and Deputy Director of the Credit Reporting Center of the People's Bank of China, and later served as Deputy Director of the Technology Department of the Central Bank and Director of the Digital Money Research Institute of the Central Bank.

On April 8, Yao Qian discussed the approved BTCSpot ETF in Cai Xin, stating that the market expects the BTC price to continue to rise. He took stock of the opinions of supporters and opponents of BTC, and introduced the regulatory measures of the United States on Cryptocurrency, including strengthening market manipulation supervision, strengthening anti-Money Laundering supervision, and strengthening exchange supervision.