China Central Bank Shuts Down Beijing Company over Suspected Crypto Trading

A Beijing office of China’s central bank issued an order on Tuesday for Beijing Qudao Cultural Development Co Ltd, a software maker, to suspend its operations over suspicions of being involved in crypto-related trading. According to Reuters, the company’s website had been shut down, allegedly as part of the People’s Bank of China (PBoC) office’s order.

The Beijing financial supervision administration and a department of the PBoC already confirmed the matter in a statement issued on local media. In the same press release, the bureau pointed out that companies based in the city should not be venues for conducting any cryptocurrency-related businesses whatsoever. There were no further details about the order, but the crypto community in social media took the news as another step in China’s renewed crackdown on virtual currency activities.

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“The fact that China is trying to stop bitcoin this hard shows how much of a threat $BTC can be to governments,” NFTeddy, a well-known crypto influencer, commented on the news via Twitter. Furthermore, the statement sent by the Chinese authorities in Beijing included crypto-related advertising as part of the banned activities that businesses should not engage in.

Crypto Mining: Another Industry Hit by the Crackdown

Additionally, Crypto mining has been another industry harmed by the crackdown deployed by the Asian government. Recently, Finance Magnates reported that Bitmain, one of the world’s largest Bitcoin mining hardware manufacturers, halted the sales of its machines for delivery globally amid the current Chinese government’s crackdown on crypto mining. Furthermore, domestic miners had to flee the country to seek other territories to keep running their operations, such as United States, Canada, Australia, Russia, Belarus, Sweden, Norway, Kazakhstan, Angola, Congo and Indonesia.

Furthermore, IBC Group announced on Monday that it had decided to shut down its Bitcoin and Ethereum mining operations. Earlier this year, China’s central bank warned commercial banks against cryptocurrency payments.

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