The Beijing Financial Supervision Bureau, the Business Administration Department of the People’s Bank of China, and the Huairou Metropolitan Area Administration conducted an operation to shut down a company suspected of providing cryptocurrency trading software. This is stated in the joint notification of the authorities. The company’s official website has been blocked.
The measure was adopted in accordance with the order of the State Council of the People’s Republic of China on combating illegal bitcoin mining and trading, the central bank reports. Regulators also warned that companies in China are prohibited from supporting commercial activities related to cryptocurrency trading, and financial institutions are prohibited from conducting transactions with them.
“At the same time, we remind consumers to raise risk awareness and take an appropriate approach to investment. Do not engage in the hype of virtual currency trading, do not blindly follow speculative behavior in this area and beware of property damage, ”warns the People’s Bank of China.
After the publication of this notice, bitcoin resumed its decline and within a few minutes fell by $ 1,000 to $ 34,000.
Earlier, the authorities of several provinces in China limited the supply of electricity to Bitcoin miners, thereby causing a drop in the amount of computing power in the cryptocurrency network and an increase in volatility in its market.
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