Chinese Regulators Issue Crypto Warning

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.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.