Chinese Regulators Issue New Warning about Cryptocurrency Trading

 

 

 

 

 

 

In response to new concerns about rising interest in cryptocurrencies, Chinese regulators have issued yet another warning to remind citizens not to engage in cryptocurrency-related activities. That warning, titled Risk Tips on Further Preventing ‘Virtual Currency’ Trading Activities, noted that any activities that violate China’s restrictions on cryptocurrency use are illegal and disrupt the country’s “economic and financial order.”

The joint warning was issued by the Beijing Municipal Financial Supervision Administration, the Business Management Department of the People's Bank of China, the Beijing Banking Insurance Regulatory Bureau, and the Beijing Securities Regulatory Bureau.

Officials claim to have identified cryptocurrency platforms that are providing trading services, zero-interest loans, ‘dual currency wealth management’ and digital currency mortgages to Chinese citizens.

The warning noted that agencies continue to aggressively monitor and “maintain high pressure” on suspected crypto ban violators, using “on-site interviews, administrative investigations, website closures, and criminal case filing to combat them.”

The regulator notice included a clear warning to people and organizations who engage in any cryptocurrency-related activities:

Here, we seriously warn institutions and personnel in Beijing that carry out related activities shall not publicize and promote relevant virtual currency projects or platforms, do not conduct virtual currency business sales or transactions, do not engage in virtual currency transactions or disguised transactions with investors, and shall not engage in or Acting on domestic and overseas virtual currency issuance and trading activities, financial institutions and non-bank payment institutions within its jurisdiction shall not provide services for any virtual currency transaction.

Investors were also warned to make rational choices, increase their awareness of cryptocurrency-related risk, be wary of deceptive offerings, and report any suspected violations of China’s cryptocurrency ban.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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