People’s Bank of China Doelen crypto bedridgewen tough in Shenzhen

The Shenzhen branch of the people’s Bank of China (NBK) is reportedly preparing to smooth out the business activities of about a dozen companies reported to be involved in cryptocurrency transactions. According to Chinese media, these organizations are a target for suppressing crypto trading in the city.

People’s Bank of China halts currency trading in Shenzhen
China’s Central Bank’s branch in Shenzhen fights illegal trading of cryptocurrencies, China Business News reports it was made public on Tuesday. As part of the new campaign, NBK has “rectified” 11 companies suspected of carrying out illegal activities in virtual currency, the report said.

According to the article, the regulator also uncovered a local financial website accused of making currency transactions illegal in cash. In October, the people’s Bank of China investigated eight cases involving illegal online currency transactions and cross-border stock trading.

It is not clear whether target organizations are allowed to continue other business activities. The Pboc has shut down 11 companies, according to Chinese crypto reporter Colin Wu, also known on Twitter as “blockchain Wu.”

China’s central bank branch in Shenzhen recently launched a special campaign to combat illegal cryptocurrency trading, shutting down 11 companies suspected of illegal activity in the virtual currency.

Head Of Blockchain (@WuBlockchain), August 17, 2021

In October, the spread of crypto trading and the Regional Office of the Central Bank of China also began its mission to prevent violations of financial rules by consumers and businesses. The initiative includes a training program dedicated to the Prevention of financial risks. The branch has organised specialist teams to provide door-to-door services to more than 3000 companies to improve their foreign exchange operations.

Regulation campaign

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