Trust Reserve, a company that is focused on issuing stablecoins, is facing some hard times at present. The reports have mentioned that the stablecoin issuer platform is being targeted by the police department in China. Trust Reserve is an offshore platform that provides services in China. Due to the latest moves, the company is witnessing trouble while operating within the Chinese jurisdiction.
Trust Reserve Team Detained by Police in China
As per the reports, the Chinese police have initiated an investigation aiming at the stablecoin-issuing firm. The stablecoins issued by Trust Reserve take into account CNHC (a stablecoin pegged into the Chinese currency CNY) and another stablecoin that is pegged into HKD (the local currency of Hong Kong). The local news outlets have disclosed exclusive news about the latest happenings being faced by the platform.
A native news outlet named PANews has provided some details in this respect. The news organization pointed out that the native police department has taken away the team of the stablecoin issuer. According to the reports, this move is included in the measure taken by the police for the investigation focused on Trust Reserve. The reports also brought to the front that the team members have been missing since the 1st May’s afternoon.
Report Claim that the Closure of the Platform is a Judicial Seizure
Several sources have disclosed that the police have detained the participants of the team. Along with this, the department has also informed the families of a few employees about the incident. In the words of PANews, the news outlet examined the buildings of the stablecoin issuer’s office in Shanghai’s Pudong. In this way, it was discovered that there was nothing in the office. This is described as a judicial seizure.
