Chinese Central Bank Branch in Shenzhen Shuts Down 11 Illegal Crypto Firms

The People’s Bank of China (PBoC) Shenzhen Branch launched a crackdown operation targeting 11 cryptocurrency-related companies suspected of engaging in alleged illegal activities. According to Global Times, the firms are accused of arranging illicit crypto transactions. Among the scrutinized businesses, one 'well-known financial website' is suspected of illegally advertising Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term transactions.

Furthermore, Shenzhen’s PBoC branch has reported eight cases of online forex speculation and stock trading violations per local laws. In parallel, the central bank has deployed an educational campaign to teach investors about risk prevention. “It is reported that as of the end of July, the Shenzhen Central Sub-branch of the People’s Bank of China has formulated a list of 46 ‘I do practical things for the masses’ practical activities, insisting on focusing on the ‘emergency and worrying’ issues of the masses and making precise efforts,” Weixin, a local media outlet, reported.

That said, over 3,000 companies have been visited by specialists of the central bank to teach them how to handle all matters concerning foreign exchange transactions legally.

Recent Crypto Crackdowns in China

Last month, in Beijing, an office of China’s central bank issued an order for Beijing Qudao Cultural Development Co Ltd, a software maker, to suspend its operations over suspicions of being involved in crypto-related trading. The bureau pointed out that companies in the city should not be venues for conducting any cryptocurrency-related businesses.

As crypto crackdowns in China keep strengthening, companies like Bitmain, one of the world’s largest Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) mining hardware manufacturers, halted the sales of its machines for delivery globally. Domestic miners had to flee the country to seek other territories to keep running their operations, such as United States, Canada, Australia, Russia, Belarus, Sweden, Norway, Kazakhstan, Angola, Congo and Indonesia, as Finance Magnates reported.

Furthermore, IBC Group announced in July that it had decided to shut down its Bitcoin and Ethereum (ETH) mining operations.