China Bans Financial Institutions from Crypto Business
CoinEdition
Published May 19, 2021 05:18AM ET
Updated May 19, 2021 05:30AM ET
China Bans Financial Institutions from Crypto Business
- China banned financial institutions offering services related to crypto transactions.
- This is not Beijing’s first ban move against crypto.
China has banned financial institutions and payment firms from offering services related to crypto transactions, according to the Reuters report. Also, warned investors over speculative crypto trading.
This is China’s recent attempt to restrain the burgeoning crypto trading market. Under the ban, some institutions, such as banks and online payment channels, must not offer clients any service that involves crypto. This includes registration, trading, clearing, and settlement. However, three industry bodies explained in a joint statement on Tuesday.
Statement adds,
“Recently, crypto currency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.”
Moreover, China has banned
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