Reuters: Shenzhen technology company Jiafenxiang has sold more than 3 billion yuan of cryptocurrencies on behalf of local governments, and the proceeds have been transferred to the local finance bureau

report, according to a document seen by Reuters, "Shenzhen-based technology company Jiafenxiang has sold cryptocurrency worth over 3 billion yuan in overseas markets on behalf of local governments in Xuzhou, Hua'an, and Taizhou cities since its establishment in 2018. According to transaction records, the USD proceeds were subsequently converted to RMB through local banks and then transferred to local financial bureau accounts." Jiafenxiang declined to comment. The governments of Xuzhou, Hua'an, and Taizhou did not respond to Reuters' request for comment.