PBoC Cracks Down on Crypto Facilitators with Latest Shut Down

The People's Bank of China (PBoC) has shut down Beijing-based software company Beijing Tongdao Cultural Development Co., Ltd. for facilitating crypto transactions.

The firm was allegedly providing services for virtual currency transactions, despite the regulator's warnings against such activities.

The PBoC's action is part of a wider crackdown on crypto trading in China, which has intensified since May when the government and central bank reiterated their ban on all crypto-related services.