June 19, 2024

Beijing authorities warned business about inadmissibility of participating in cryptocurrency trading

Beijing regulators have issued a joint warning about the risks associated with cryptocurrency trading. Theycalled on businesses not to interact with the bitcoin industry.

Among the signatories appear Bureau of financialsupervision and administration, the Bureau of Banking and Insurance Regulation, the Beijing Securities Regulatory Bureau and the Department of Business Administration of the People’s Bank of China, Shanghai Securities News writes.

The regulatory authorities noted that associated withDigital currency activity has intensified amid the development of blockchain in China. Some platforms have already «seriously violated» rules issued in 2017 prohibiting ICOs, the departments added.

They reminded companies of the inadmissibility of:

  • promoting cryptocurrency projects or platforms;
  • participation in cryptocurrency transactions;
  • the provision of any services related to cryptocurrencies.

Institutions called on investors to maintain a rational approach so as not to be deceived, and to report any violations of the law.

Last month, 10 people involved in the activities of the cryptocurrency exchange were arrested in Beijing.

Earlier campaign to identify and suppressThe activities related to crypto trading and token sales were initiated by the authorities of Shanghai and Shenzhen. Guangzhou financial regulator said it had already liquidated all cryptocurrency exchange platforms in the city.

Recall that in Sichuan, the authorities of the Gardze-Tibet Autonomous Region decided to introduce restrictions on cryptocurrency mining.