PBOC targets crypto-linked companies in Shenzhen

Bloomberg

The Chinese central bank’s branch in Shenzhen ordered almost a dozen companies operating in the technology hub to rectify illegal activities
related to cryptocurrencies,
signalling an intensifying crackdown on digital assets.
The People’s Bank of China’s (PBOC) Shenzhen branch started a “rectification project” targeting illegal trading of virtual currencies and “cleaned up” 11 firms allegedly involved in illegal activities linked to virtual currencies in a timely manner, the Shanghai Securities News reported, citing the regulator. It didn’t name the companies.
China has launched a new campaign against cryptocurrencies this year, taking action against miners and imposing curbs on crypto banking
services and trading.
The moves helped fuel a tumble for Bitcoin before tapering off, with the virtual currency rebounding over the past month to trade at around $45,000. Chinese authorities have banned crypto exchanges and initial coin offerings but haven’t barred individuals from holding
virtual currencies.
The PBOC also ordered a financial website to fix violations related to promoting margin foreign-exchange trading and handled eight cases linked to illegal forex speculation and overseas stock investment, the newspaper reported, declining to name the website.