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Beijing Company Suspected of Crypto Trading Shut Down by China's Central Bank

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Tue, 07/06/2021 - 10:19
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Yuri Molchan
Chinese Central Bank has blocked the website of the Beijing company that was suspected of providing software services for cryptocurrency trading
Beijing Company Suspected of Crypto Trading Shut Down by China's Central Bank
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According to the Bloomberg Terminal and the 8BTC Chinese crypto news outlet, Beijing Tongdao Cultural Development Co. Ltd. has been suspected of providing services in cryptocurrency trading and its website has been blocked by a department of the People’s Bank of China (PBoC).

The Central Bank of China has again reminded businesses and banks that they must not participate in crypto transactions or assist crypto trading or mining companies in any manner.

Beijing Tongdao Cultural Development was suspected of providing software for crypto trading by the Business Administration Department of the Central Bank of China.

This has occurred despite the recent ban by the Chinese government regarding cryptocurrency trading in the country, as well as cryptocurrency mining.

Related
ETH Held by Exchanges Plummets to Lowest in 2020 as Stakers Keep Depositing to ETH 2.0: Insider Colin Wu

Miners of Bitcoin, Ethereum and other PoW crypto coins are either getting out of business and selling their rigs or leaving China, relocating to friendlier countries with cheap electricity or friendlier governments, such as Canada or Kazakhstan.

The recent Chinese crypto mining ban has pushed the Bitcoin hashrate way down and a Chinese crypto journalist Colin Wu believes it would be hardly possible to restore it to the previous high by the end of this year.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.