China sends out another crypto crackdown warning as it orders a Beijing software maker to shut down
- Chinese authorities ordered a software maker to close over suspected involvement in
cryptotrading, reports said.
- Companies can't provide advertising services for crypto-related businesses, Chinese regulators said.
- The move by
China's central bank and Beijing's financial regulator steps up the crackdown on crypto.
AdvertisementChinese authorities have told a Beijing-based software maker to shut down over its suspected involvement with cryptocurrency trading, media reports said Tuesday, a sign the country's authorities are pressing on with their crackdown on digital assets.
Beijing Qudao Cultural Development closed its doors on the orders of a Beijing office of China's central bank, which said the company had facilitated crypto transactions via the software services it offered, Channel News Asia reported. The software company's website is no longer accessible as part of the enforcement.
The central bank office also warned that companies in Beijing are not permitted to encourage crypto trading in any way. In particular, it noted they are banned from providing physical trading venues and crypto-related services, and from promoting cryptocurrencies through commercial displays or advertisements.
Financial and payments firms were further told not to offer direct or indirect cryptocurrency-associated services to their clients.
China has been cracking down on crypto over the last months. Financial institutions in the country are not allowed to offer crypto services, and associated businesses, such as
The crackdown has had an impact on
The Chinese government has addressed the crackdown, saying that it is necessary to reach the country's climate change targets as crypto mining and transactions use a significant amount of energy. Concerns over security and fraud have also been cited.
For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
China’s crypto crackdown is not likely to stop with Bitcoin mining — stablecoins, software, influencers are also on its radar
Cryptocurrencies aren't all diamonds and roses — lawsuits from people who lost big are piling up with exchanges
Crypto sports sponsorships are heating up again with multi-million dollar deals on the table
The CEO of the world’s largest cryptocurrency asset manager reckons that crypto as an asset class is ‘here to stay’ — Here are 12 of his best quotes
Popular on BI
- 7 Must visit temples in Andhra Pradesh
- Fuel your brain: 7 Foods to enhance mental sharpness during exam time
- I'm still the CEO, management remains unchanged: Byju Raveendran
- As many as 275 cases of rape in custody registered from 2017-22: NCRB
- Monthly household consumer spending more than doubled in last decade