China Shuts Down 13 Illegal Crypto Trading Apps, 23 Crypto Media Websites & 440 bloggers, Had Issued Total Ban on Crypto-Trading & Mining in 2021 Sept

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China Shuts Down 13 Illegal Crypto Trading Apps, 23 Crypto Media Websites & 440 bloggers, Had Issued Total Ban on Crypto-Trading & Mining in 2021 Sept

14th October 2022 | Hong Kong

China authority (Beijing Local Financial Supervision & Administration) has shut down 13 illegal crypto trading apps, 23 crypto media websites & 440 bloggers online account, 1 year after issuing a total ban on Crypto-trading & mining (2021 September).  “On September 15, 2021, the “Notice on Further Preventing and Disposing of Hype Risks in Virtual Currency Transactions” jointly issued by the People’s Bank of China, the Central Cyberspace Administration of China, the Supreme People’s Court and other departments clearly pointed out that virtual currency-related business activities are illegal financial services. It is also an illegal financial activity that overseas virtual currency exchanges provide services to residents in my country through the Internet.”  See below for statement issued 

“ China Shuts Down 13 Illegal Crypto Trading Apps, 23 Crypto Media Websites & 440 bloggers, Had Issued Total Ban on Crypto-Trading & Mining in 2021 Sept “

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The Case – China shut down 13 illegal crypto trading apps, 23 crypto media websites & 440 bloggers online account

In March of this year, Chaoyang Court found a “Bitcoin” trading website when hearing a “Bitcoin” entrusted financial management contract dispute. To help rectify virtual currency production and trading activities, Chaoyang Court immediately notified the People’s Bank of China and Beijing The Financial Supervisory Authority reported relevant clues found in the trial of the case, and sent judicial advice to clean up the virtual currency trading platform.

When hearing the case of Wang Moumou v. Lei Moumou’s “Bitcoin” entrusted financial management contract dispute, the Chaoyang Court found that a website and mobile APP named “Ouyi” could register, log in and conduct transactions within the mainland without the need to “over the wall”. trade. It is understood that “European Trading Platform” is the top three digital currency trading platforms in the world, providing transactions and investments of hundreds of digital currencies including Bitcoin, Ethereum, Litecoin, etc. The platform includes currency trading, legal currency trading, In sectors such as leveraged trading and contract trading, investors can use RMB to trade more than 340 virtual currencies, with a daily turnover of nearly 90 billion yuan.

China Issues Ban on 15th September 2021

On September 15, 2021, the “Notice on Further Preventing and Disposing of Hype Risks in Virtual Currency Transactions” jointly issued by the People’s Bank of China, the Central Cyberspace Administration of China, the Supreme People’s Court and other departments clearly pointed out that virtual currency-related business activities are illegal financial services. It is also an illegal financial activity that overseas virtual currency exchanges provide services to residents in my country through the Internet. To this end, Chaoyang Court submitted clues to relevant departments as soon as the case was concluded, and sent judicial advice, suggesting to investigate the operation of the website and mobile APP involved in the trial, and prohibit it from continuing to engage in bitcoin and other related activities in mainland China. For virtual currency trading activities, while further arranging other virtual currency trading platform websites, mobile APPs and other carriers, check the situation that financial institutions and payment institutions provide recharge services for virtual currency trading platforms. Financial institutions and payment institutions are strictly prohibited for investment. People’s virtual currency trading activities provide financial services such as recharge and currency exchange.

Source:  https://mp.weixin.qq.com/s/wE33at-kZpks3hi6BAM_RA

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