The Shenzhen division of the People’s Bank of China (PBC), China’s central bank, has implemented a campaign for a crackdown on illegal crypto token transactions.
- The bank identified one recognized domestic financial website that was suspected of illegally advertising foreign exchange cash deposit transactions.
- The Shenzhen bank also investigated eight report cases relating to online foreign currency speculations and cross-border stock trading violations.
- The bank further has launched programs to provide consumer assistance to avoid falling foul of financial regulations. This includes a testing program that provides targeted education for financial consumers.
- It also organized groups of specialists to offer door-to-door services to over 3,000 companies to help them better manage foreign currency issues.
The bank’s move to crackdown on crypto token trading comes after a national program to tighten the management of cryptocurrencies such as Bitcoin. In May, China’s State Council promised to address missing and trading as part of the process of controlling financial risks.
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Source: Global Times
