China Orders Beijing Firm to Close Over Crypto Trading

China’s central bank has ordered the shutdown of a Beijing-based software maker over its suspected involvement in cryptocurrency trading. 

Beijing Firm Closed for Suspected Crypto Ties

The Chinese government is stepping up enforcement of its anti-crypto policies. 

Chinese authorities released a statement Tuesday detailing the actions taken against Beijing Qudao Cultural Development Co Ltd. for suspected cryptocurrency trading. The software maker was ordered to suspend operations immediately and has had its website taken down, Reuters reported Tuesday. 

The statement from the Beijing financial supervision administration also reiterated the People’s Bank of China’s stance on cryptocurrency-related activities. It specifically noted that Beijing companies should not provide venues, commercial displays, or advertising for any cryptocurrency-related businesses, in addition to dealing directly with cryptocurrencies. 

This latest news follows a long list of anti-crypto regulations from the Chinese government. In May, the government issued a statement calling for tighter regulation on crypto assets. In June, the situation escalated further when China’s central bank announced that customers involved in cryptocurrency trading would have their accounts closed. 

Regulations have also put an end to Bitcoin mining in the country, as a mass miner exodus caused the Bitcoin network hashrate to drop to its lowest levels since 2019. 

Since May, Bitcoin’s price has fallen over 42%, partly due to bearish pressure from Chinese government regulations. With China’s sustained campaign against cryptocurrency unlikely to end anytime soon, Bitcoin will have to find strength elsewhere to avoid sinking further. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article