War Against illegal Crypto Traders

War Against illegal Crypto Traders

Crypto news Media Social
November 25, 2019 by Super System
540
China Bitcoin News

China Tries To Stop Illegal Crypto Traders

 illegal Crypto Trades

China is taking a stance against cryptocurrency exchanges, and the Central Bank of China has increased its efforts to crackdown cryptocurrency exchanges. 

The People’s Bank of China recently released a statement where it warned exchangers that are dealing with cryptocurrencies illegally would face the full arm of the law. 

It warned that it would get rid of entities caught in the act. 

Part of the translated statement reads, “Once it is discovered, it will be disposed of immediately, and it will be prevented from happening early.”

The move is a response to the spike in cryptocurrency trading activities following the public backing of blockchain technology by President Xi, a few weeks ago. 

There have been several rumors and news making rounds that a crackdown on legitimate and illegitimate cryptocurrency businesses was eminent in China. Last week saw police officers allegedly raid offices of Bithumb, and Binance, although both companies quickly denied such happenings. 

 The entire cryptocurrency market reacted to the news with Bitcoin taking the most hits. The premium cryptocurrency plummeted to low values of around $7000 to $7500. 

The People’s Bank of China, through its extension in the city of Shenzhen, probed local cryptocurrency trading operations. However, industry stakeholders were quick to speak out against the actions of the central bank, while other industry players were in support of the action. 

Binance CEO Changpeng Zhao insisted that the actions of the bank would help get rid of scammers, and thus help clean up the cryptocurrency industry. 

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