{"id":11136,"date":"2021-08-18T04:54:04","date_gmt":"2021-08-18T04:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/peoples-bank-of-china-targets-crypto-companies-in-shenzhen-crackdown\/"},"modified":"2021-08-18T04:54:04","modified_gmt":"2021-08-18T04:54:04","slug":"peoples-bank-of-china-targets-crypto-companies-in-shenzhen-crackdown","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/peoples-bank-of-china-targets-crypto-companies-in-shenzhen-crackdown\/","title":{"rendered":"People\u2019s Bank of China Targets Crypto Companies in Shenzhen Crackdown"},"content":{"rendered":"

The Shenzhen office of the People\u2019s Bank of China (PBOC) has reportedly set out to correct the business activities of about a dozen companies allegedly engaged in cryptocurrency transactions. According to Chinese media, the entities have been targeted in a crackdown on crypto trading in the city. <\/strong><\/p>\n

People\u2019s Bank of China Cracks Down on Coin Trading in Shenzhen<\/h2>\n

The branch of China\u2019s central bank in Shenzhen is cracking down on illegal cryptocurrency trading, the Chinese business news outlet Cnstock.com revealed Tuesday. As part of the new campaign, the PBOC has \u201crectified\u201d 11 companies \u201csuspected of carrying out illegal virtual currency activities,\u201d the report<\/a> detailed.<\/p>\n

According to the article, the regulator has also identified a local financial website accused of illegally advertising foreign exchange cash deposit transactions. Furthermore, the People\u2019s Bank of China has investigated eight cases involving illicit online foreign exchange operations and cross-border stock trading.<\/p>\n

<\/p>\n

It\u2019s unclear whether the targeted entities have been allowed to continue with their other business activities. According to Chinese crypto journalist Colin Wu, also known as \u2018Wu Blockchain\u2019 on Twitter, the PBOC has shut down the 11 firms.<\/p>\n

The Shenzhen branch of the Central Bank of China recently launched a special crackdown on illegal cryptocurrency trading activities and shut down 11 companies suspected of conducting illegal virtual currency activities.<\/p>\n

\u2014 Wu Blockchain (@WuBlockchain) August 17, 2021<\/a><\/p>\n<\/p>\n

Besides the crypto trading crackdown, the regional office of the Chinese central bank has also embarked on a mission to help consumers and businesses avoid violations of current financial regulations. The initiative includes an educational program devoted to financial risk prevention. The branch has organized teams of experts who will provide door-to-door services to over 3,000 companies in order to improve their handling of foreign currency matters.<\/p>\n

The regulatory campaign in Shenzhen comes amid an ongoing offensive<\/a> by the Beijing government against activities<\/a> related to decentralized digital currencies across the country. It also coincides with efforts to promote<\/a> the use of the new national digital yuan<\/a> currency, a CBDC<\/a> issued by the People\u2019s Bank of China.<\/p>\n

In May, the State Council, the executive power in China, vowed to turn its attention to cryptocurrency mining<\/a> and digital asset trading as part of its push to establish control over financial risks and reach its long-term environmental goals. This year, Chinese central authorities reiterated<\/a> previous warnings regarding the crypto industry.<\/p>\n

Do you think the People\u2019s Bank of China will expand its crackdown on crypto activities in Shenzhen? Share your expectations in the comments section below. <\/em><\/strong><\/p>\n

Bitcoin News
\nRegulation, Branch, Businesses, campaign, China, chinese, companies, Crackdown, crypto activities, crypto trading, cryptocurrency transactions, Digital Currencies, Digital Yuan, Foreign exchange, Office, PBOC, People’s Bank of China, program, shenzhen, Virtual Currencies<\/p>\n","protected":false},"excerpt":{"rendered":"

The Shenzhen office of the People\u2019s Bank of China (PBOC) has reportedly set out to correct the business activities of about a dozen companies allegedly engaged in cryptocurrency transactions. According to Chinese media, the entities have been targeted in a crackdown on crypto trading in the city. People\u2019s Bank of China Cracks Down on Coin…<\/p>\n","protected":false},"author":0,"featured_media":11137,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11136"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11136"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11136\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11137"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}