October 19, 2021

The People's Bank of China will close all cryptocurrency exchanges in Shanghai

Shanghai headquarters of the People’s Bank of China (NBK), the country's central bank, said it would close everything cryptocurrency exchanges in the city.

According to an official statement, representativesThe NBK will conduct "interviews, inspections and prohibit the activities of organizations involved in operations with virtual currency and timely eliminate the risks associated with it."

“There are many risks associated withissuing and trading virtual currencies, including counterfeit asset risks, business risks, and investment and speculative risks. Investors should be aware of these risks and prevent fraud attempts, ”the regulator said in a statement.

Note that this week in Shanghai, offices of cryptocurrency exchanges, as well as companies working with tokens and offering investments in crypto assets, were inspected.

In addition, the regulators of another Chinese city of Shenzhen found 39 cryptocurrency exchanges that worked in violation of the cryptocurrency trade ban law issued in 2017.

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