China Is Poised for Another Crypto Trading Crackdown as Speculative Fever Returns
Financial regulators in China appear set to crack down on cryptocurrency trading again after President Xi Jinping’s praise for blockchain technology revived speculation in the sector.
Regulators in each district of Shanghai must search and inspect local crypto exchange-related services before Nov. 22 and report to the central bank for further actions, according to an official notice signed by the Shanghai Internet Finance Rectification Agency and the Shanghai Bureau of the People’s Bank of China.
The notice emerged online on Friday. Chinese business publication Caixin confirmed its authenticity in a report published later that evening. The effort is led by the Shanghai government’s finance bureau, Caixin said.