Bank of China Busted 11 Crypto Trading Companies

A subsidiary of the Bank of China is investigating many companies which are involved in illegal financial services. Reportedly they Shutdown 11 crypto trading companies.

As all of us know very well that the Chinese government banned all the crypto related services in the country. But still there are many companies which are operating their services in crypto related activities illegally. To bust such companies which are involved in illegal financial services, the People Bank of China is investigating. 

According to the report, The Shenzhen branch, a subsidiary of People Bank of China, is tremendously investigating those companies or institutions which are doing forex trading or crypto trading. In the current existing rules of the Chinese government, These types of activities violate the FEMA rules of China. 

Right now they busted 11 companies and an ongoing investigation is currently active against 46 companies. And also regulators are looking for those financial services which are fascilating illegal transactions. 

The part of the Investigation and encounter of such institutions is only to fulfill the rules which are in effect like crypto trading and speculation based trading & activities on foreign currencies.

The Chinese authorities are looking to ban all the financial services which are related to the private centralisation system including crypto related services. They are taking such steps because they want to lead in the financial services so that they allow their citizens to use foreign exchange. In addition to the private companies service ban, all the commercial banks will be restricted under the framework which is developed by the Central bank of China.

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