RATE Group | Shenzhen Identifies 39 Crypto Exchanges Defying Trading Ban
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Shenzhen Identifies 39 Crypto Exchanges Defying Trading Ban

23 Nov Shenzhen Identifies 39 Crypto Exchanges Defying Trading Ban

Posted at 15:12h in Cryptocurrency News by

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Cryptocurrency exchanges operating illegally in one city in China will face the wrath of a joint government effort to oust them, reports claim.

On Nov. 22, authorities in Shenzhen have identified a total of 39 exchanges falling foul of China’s cryptocurrency trading ban, according to local news outlet Sanyan Finance. 

PBoC highlights Bitcoin and Ethereum in probe

The operation reportedly included participation from China’s central bank, the People’s Bank of China (PBoC), the Economic Investigation Bureau of the Municipal Public Security Bureau and the Municipal Communications Administration. 

It remains unknown what consequences the exchanges will face, with Sanyan highlighting a desire to crack down on liquidity.

A rough translation states the measures involve a three-pronged approach:

“It is reported that the action will focus on three activities: first, providing virtual currency trading services or opening virtual currency trading places in China; second, providing service…

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