The Shenzhen branch of the People’s Bank of China plans to “promptly clean up and rectify” 11 companies for providing illicit crypto trading activities, state-owned Shanghai Securities Journal reported today.
- "Rectification" is often used in China to mean that authorities are bringing companies in line with regulation. It has been widely used in the past year's crackdown on tech companies, notably in the case of Ant Group.
- The central office of the PBoC is resolute on keeping "high pressure" on the crypto trading industry, according to a meeting held earlier in August.
- The PBoC branch has already completed the rectification of a "well-known domestic financial website" providing foreign exchange deposits, and dealt with eight reports of online forex and cross-border stock trading services, the report said.
- Chinese authorities started a crackdown on crypto mining in May after the country's State Council, its cabinet of ministers, issued a notice.
- Other crypto-related companies have started to fall, including media.