According to the state-owned Shanghai SecuritiesJournal, the People's Bank of China's Shenzhen office intends to "promptly
clean up and correct" 11 businesses for conducting illegal crypto trading
operations.
- In China, the term "rectification" refers
to the process through which authorities bring businesses into compliance with
regulations. It was extensively utilized in the crackdown on internet firms
over the last year, most notably in the case of Ant Group.
- According to a meeting conducted earlier in August,
the PBoC's central office is adamant about maintaining "strong
pressure" on the crypto trading sector.
- According to the article, the PBoC branch has already
finished the correction of a "well-known domestic financial website"
that provides foreign exchange deposits, as well as dealt with eight reports of
online FX and cross-border stock trading services.
- After the country's State Council, or cabinet of
ministers, issued a warning in May, Chinese officials began a crackdown on
crypto mining.
- Other crypto-related businesses, like as media, have begun to suffer losses.
 in Shenzhen has launched a cryptocurrency trading ‘clean-up' program){kind=link}
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