RATE Group | China’s ‘Silicon Valley’ Identifies 39 Cryptocurrency Companies As Illegal – BeInCrypto
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China’s ‘Silicon Valley’ Identifies 39 Cryptocurrency Companies As Illegal – BeInCrypto

23 Nov China’s ‘Silicon Valley’ Identifies 39 Cryptocurrency Companies As Illegal – BeInCrypto

Posted at 18:16h in Cryptocurrency News by

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Shenzhen is the blockchain hub of China, but its law enforcement will soon be cracking down on cryptocurrencies. The state has identified some 39 illegal cryptocurrency companies operating within the city.

China’s so-called ‘Silicon Valley’ may soon find itself amidst a serious cryptocurrency crackdown, reportedly against scams and Ponzi schemes. Shenzhen, the leading tech hub of China, is also the home of many cryptocurrency-related scams.  Authorities have reportedly identified 39 illegal companies that have been responsible for defrauding everyday consumers.

39 Cryptocurrency Companies Targeted as Frauds

According to reporter Dovey Wan (@DoveyWan), the authorities are specifically targetting companies engaging in ‘pump-and-dump’ and pyramid schemes. The exchanges involved in aiding these illegal activities will also be punished severely.

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