China Intensifies Crypto Crackdown with License Suspensions to Defying Companies

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The People’s Bank of China (PBOC) has suspended the operations of a software company in Beijing for enabling cryptocurrency businesses.

This move continues China’s policy that no institutions should engage with cryptocurrency organizations.

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SEE ALSOThe Central Bank of China Officially Bans Banks and Payment Institutions from Accepting Crypto Transactions

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While in the past, China’s policy seemed directed at financial institutions such as banks, which were not allowed to facilitate crypto transactions, this latest move is more indication that the communist government is stamping its authority against crpyotocurrencies.

The affected company, Beijing Qudao Cultural Development Limited, has also had its website shut down.

A statement from the PBOC indicates that “companies in Beijing should not provide venues, commercial displays or advertising for cryptocurrency-related businesses.”

Part of the warning statement reads:

“Here, we solemnly warn relevant institutions within our jurisdiction not to provide business premises, commercial display, marketing, and paid diversion services for virtual currency-related business activities. Financial institutions and payment institutions within the jurisdiction shall not directly or indirectly provide virtual currency-related services to customers.”

                      – The People’s Bank of China

As a result, following the news, the price of bitcoin dropped almost 3% to $34,000.

In recent months, China has forced the closure of crypto miners across the country, an action which analysts point to as one of the reasons behind the sharp drop in crypto markets.

Moreover, Huobi, a leading exchange in the country was also forced to shut its derivatives trading by regulators.

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RECOMMENDED READING: [WATCH] I Want to Make Bitcoin a Legal Tender, Announces President, El Salvador

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