RATE Group | China continues clampdown on cryptocurrency businesses
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China continues clampdown on cryptocurrency businesses

23 Nov China continues clampdown on cryptocurrency businesses

Posted at 21:20h in Cryptocurrency News by

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Shenzhen law enforcement authorities have identified 39 companies believed to be carrying out illegal activities with virtual currency.

According to the Shenzhen Special Zone Daily, cited yesterday on Chinese news site Sohu.com, the Shenzhen Municipal Internet Finance Risk Task Force issued a warning against some companies in the area involved in suspected illegal activities.

The task force then notified several authorities including the Shenzhen city central branch of the People’s Bank of China, the Qianhai Administration, the Economic Investigation Bureau of the Municipal Public Security Bureau, and the Municipal Communications Administration.

These entities joined forces to investigate and identify 39 “illegal” virtual currency trading places. According to a source familiar with this region of China, these companies:

“Most likely are Ponzi and crypto frauds as Shenzhen is known for being the hub of those.”

Clampdown on cryptocurrency exchanges

Whether the companies…

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