Cai Junyi, assistant director and chief market analyst of the Shanghai Securities Research Institute, was dismissed from his post because he was promoting cryptocurrencies, reported China Fund News.

One source said that Cai was arrested by police in July, while another source said that he surrendered to the authorities, according to the report.Cai allegedly promoted crypto during a live event, according to the report. But there were other reasons behind his removal, another source said.The police will reveal more information soon, according to the report.China’s financial regulators banned crypto exchanges and initial coin offerings in 2017 and have been cracking down more intensely on the industry, especially crypto mining, since May.Cai was a prominent financial commentator in print and on TV. Shanghai Securities is a brokerage founded in 2001 and has registered capital of RMB 2.6 billion ($400 million), according to company data platform Aiqicha.In July, crypto news source CoinWorld announced it was shutting down, saying it was following cryptocurrency provisions issued by the Business Administration Department of the People’s Bank of China.