PBOC Cracks Down on Crypto Services
The People's Bank of China (PBOC) has issued a warning to financial institutions and payment providers within its jurisdiction, instructing them not to provide services such as marketing and advertising to companies dealing with cryptocurrencies.
The warning is in line with the Party Central Committee and State Council's efforts to control speculation in the sector. According to the order, companies in the crypto sector are not allowed to provide business premises, commercial display, marketing and publicity, paid diversion, and other services for virtual currency-related business activities.
In addition, financial institutions and payment providers are prohibited from providing virtual currency-related services directly or indirectly to customers. They must also report all transactions related to virtual currency trading in a timely manner.