A unit of China’s central bank has cracked down on illegal crypto token transactions with at least 11 firms under maintenance due to suspected activities, Global Times reported.

  • The Shenzhen branch of People’s Bank of China has identified at least one popular local website that was allegedly involved in the illegal advertising of foreign exchange cash deposit transactions.
  • The branch has also looked into eight cases that reportedly involve online foreign currency speculation, as well as violations regarding stock trading across borders.
  • The PBOC also rolled out initiatives to keep consumers from falling prey to schemes, such as education campaigns for risk prevention. The central bank likewise organized door-to-door services for over 3,000 firms to assist in foreign currency issues.

The latest development comes amid China’s scrutiny of digital tokens, especially Bitcoin. BTC is down 0.48%.