PBC removes 13 apps involved in virtual currency trading, including OKEx

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digital currency Photo: VCG

Beijing Chaoyang District People’s Court recently said that in September this year, the People’s Bank of China (PBC), the country’s central bank, as well as the city’s financial supervisory authority, blocked and suppressed a number of virtual currency trading websites and apps. including OKEx, and shut down more than 20 companies suspected of engaging in virtual currency trading.

The authorities’ action against virtual currencies originated in a dispute over the “Bitcoin” trust agreement heard by the Chaoyang court in March 2022. The court found that a website and mobile application called “OKEx” could be registered and marketed in mainland China.

In order to help regulate virtual currency production and trading activities, the court provided relevant clues found in the case to the PBC and sent a judicial notice to clean up virtual currency trading platforms, suggesting that the operation of the website and mobile apps implicated in the matter will be investigated and he will be prohibited from continuing to engage in Bitcoin and other related virtual currency trading activities on the mainland Chinese.

While further mapping other virtual currency trading platform websites and mobile applications, the court checked the status of financial institutions and payment institutions providing add-on services for virtual currency trading platforms, strictly prohibiting related institutions to provide financial services such as currency exchange for virtual transactions. foreign exchange activities.

According to Caixin.com, OKEx, formerly known as Okcoin, is the world’s top-ranked digital coin exchange platform in terms of trade volume and number of countries served, offering exchanges and investments in hundreds of digital currencies, including Bitcoin and Litecoin.

On September 13, 2022, the PBC said it had coordinated with relevant departments to block websites and apps, including a total of 10 virtual currency exchange app download addresses, an app virtual currency trading platform and 32 associated domain names.

The central bank has established a regular monitoring mechanism for virtual currencies, closely monitoring websites and apps involving virtual currencies. Additionally, he worked with local financial monitoring bureaus to identify more than 20 companies suspected of engaging in virtual currency transactions and ordered them to shut down.

The PBC will continue to join hands with relevant departments to take comprehensive measures including monitoring, cracking down, and cutting off payment channels to actively prevent and properly resolve issues related to speculation in virtual currency trading.

In September 2021, the PBC, the Office of the Central Cyberspace Affairs Commission and the Supreme People’s Court jointly issued a notice stating that virtual currency-related businesses are illegal financial activities and that virtual currency trading in the foreigners provide services to residents in China through the Internet are also illegal.

Later, major digital currency trading platforms like Huobi Global and OKEx issued statements halting new user registrations in mainland China and announcing the cessation of all trading for stock users by the end of 2021.

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