The People's Bank of China (PBoC) in Shenzhen has launched a cryptocurrency trading ‘clean-up' program

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.