The Shenzhen branch of the People’s Bank of China (PBOC) plans to “immediately correct” the work of eleven companies involved in illegal cryptocurrency trading.
According to the publication of the state-owned Chinese media Shanghai Securities Journal, the NBK branch in Shenzhen plans to conduct inspections of cryptocurrency firms – in the near future, the regulator intends to “adjust” the activities of eleven companies and bring their work in line with the law. According to the NBK, these firms are engaged in illegal cryptocurrency trading.
Earlier, the NBK said it intends to maintain “high pressure” on the cryptocurrency trading industry. According to the Shanghai Securities Journal, the Shenzhen branch of the NBK has already completed the adjustment of the “well-known internal financial website” providing foreign exchange deposits and reviewed eight reports on forex markets and cross-border share trading services.
Chinese provinces began to implement such tough measures after the May meeting of the Committee for Financial Stability and Development of China, which called for a ban on mining and trading in bitcoin. In June, one of the oldest cryptocurrency exchanges in China, BTCC, stopped all Bitcoin transactions amid further regulatory restrictions imposed by the country’s government.
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