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Shenzhen financial regulators vow to prevent ‘further’ crypto risks


forkast.news 23 June 2022 09:49, UTC
Reading time: ~2 m

Three financial regulators in Shenzhen said they would “prevent further risks” in crypto trading, while warning that cryptocurrencies and related businesses are illegal in the mainland. 

See related article: Law can’t cover crypto losses, China court reiterates

Fast facts

  • Overseas staff of Chinese cryptocurrency exchanges, and individuals and organizations that promote, intermediate and provide technical support to cryptocurrency trading may face legal risks, local authorities said in a joint statement on Tuesday. 
  • Crypto-related businesses and mining farms started to announce withdrawals from China last September due to one of the world’s most stringent crackdowns on the industry.
  • Following the warning from the trio of Shenzhen financial authorities, the People’s Bank of China released a note on Thursday to warn investors about cryptocurrency scams. 
  • Last week, state-owned Bank of China’s Chongqing branch also warned against crypto trading, and said related activities are illegal.
  • Despite the local ban on cryptocurrencies, Chinese investors have found creative ways to bypass the ban.  

See related article: Why domestic and overseas Chinese should worry about China’s crypto ban


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