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From mining to software: China’s regulatory crackdown on crypto continues

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Financial institutions, crypto miners and now, software companies — where will regulators in China move to strike next?

Financial regulators in China have shut down a Beijing-based software company they suspect of providing services to crypto traders.

In a Tuesday joint statement, the Beijing Financial Supervision and Administration Bureau and the Business Administration Department of the People’s Bank of China issued a warning to all financial institutions and payment service providers to not provide any crypto-related services to customers.

As part of a regulatory crackdown, they had ordered the shutdown of Beijing Tongdao Cultural Development, a company that allegedly provided software services for crypto transactions. Regulators reported they had also suspended the firm’s website.

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