China Readies Another Crackdown On The Crypto Industry

The Shanghai Internet Finance Rectification Agency and the Shanghai Bureau of the People’s Bank of China has released an official notice that regulators in each district must investigate local crypto trading activity and report their findings by November 22. This appears to be the prelude to another crypto crackdown in China.

Apparently crypto trading and speculation in China has been increasing, especially after President Xi Jinping praised blockchain technology earlier this month.

One specific example is that Binance launched peer to peer trading that accepts Chinese Yuan (CNY) via bank wires, Alipay, or WeChat. Soon after that Binance’s account on Weibo, the biggest social media site in China, was banned. Also, Tron’s Weibo account was banned a day later. In general, Weibo now censors all posts that mention crypto trading.

Regulators will be on the lookout for any new companies that are organizing virtual currency trading activity or initial coin offerings (ICOs) that are accessible to Chinese residents. Notably, China already banned fiat to crypto trading and ICOs, so this operation is essentially a sweep to ensure that no one is breaking the law.


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