I'm mainly talking out of my ass.. but the CNCA has been known...

I'm mainly talking out of my ass.. but the CNCA has been known to just ban business for fun. The way I view regulation of foreigners in china is basically, everything is okay until a domestic company starts losing money, then the government comes in and bans it. The items are blocked to the masses, by grey channels are open so the rich can still have access.

My main experience is with tech over there, and this is the standard pattern. Same can be said for bitcoin exchanges there, which although 'domestic', had foreigner owners. They too were inspected regularly before they were shut down.