People’s Bank of China in Shenzhen ‘cleans up’ illegal cryptocurrency firms

The Shenzhen branch of the People’s Bank of China is taking a hardline approach to cryptocurrency-related activities deemed illegal. According to a report from state-run Shanghai Securities News yesterday, the branch has recently “cleaned up and rectified” 11 new companies suspected of engaging in illicit crypto trading.

The report did not disclose the companies’ names nor the details of how they were sanctioned. The action against crypto firms was carried out alongside a slew of wider-ranging measures against illicit cross-border trading of foreign currencies and stocks, with one target reportedly “a well-known domestic financial website that is suspected of publicizing illegal foreign exchange deposit transactions.”

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