Chinese regulators such as the People’s Bank of China (PBoC) and the Beijing Local Financial Supervision and Administration Bureau warn local firms against carrying out cryptocurrency-related business, according to cryptonews website.
The regulators said they would punish any company providing crypto-related services, especially as the existing laws ban companies from promoting cryptocurrency-related business and trading platforms.
They called on the public to report crypto offenders and any cryptocurrency-related business.
In 2017, the crackdown swept the country, especially as initial coin offerings were not allowed, and exchanges exited the market or closed down.