China central bank crackdown on cryptocurrency trading

China central bank crackdown on cryptocurrency trading

SHANGHAI: China's central bank vowed on Friday to crack down on illegal activities of cryptocurrency trading, banning overseas exchanges from providing services to mainland investors via the internet.

The People's Bank of China also said it will bar financial institutions, payment companies and Internet firms from facilitating cryptocurrency trading, and will strengthen monitoring of risks from such activities.

Bitcoin fell nearly 5%.

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