The People’s Bank Of China Removed 13 Apps Involving Virtual Currency Transactions

When hearing a Bitcoin entrusted financial management contract dispute in March of this year, Chaoyang Court discovered a Bitcoin trading website. Chaoyang Court promptly alerted the People’s Bank of China and the Financial Supervisory Authority of Beijing to assist in the correction of virtual currency creation and trading operations.

According to the Chaoyang Court post, when adjudicating the dispute over the Bitcoin trust financial management contract between Wang Moumou and Lei Moumou, the court found that a website and mobile application named “Ouyi” can register, login, and conduct transactions within the mainland without having to “over the wall” trade.

And “European Exchange” is one the top three digital currency trading platforms in the world, offering the trading and investment of hundreds of digital currencies including Bitcoin, Ethereum, Litecoin, etc. The platform includes currency trading, and fiat currency trading, In areas such as leverage trading and contract trading, investors can use yuan to trade more than 340 virtual currencies, with daily sales of nearly 90 billion yuan.

Therefore, on September 15, 2021, Chaoyang Court submitted clues to relevant departments as soon as possible after the case was concluded, and sent judicial advice, requesting an investigation into website and mobile application activities related to the adjudication of the case and prohibiting it from further engaging in Bitcoin trading and other related activities in China.

After receiving the advisory opinion of the Chaoyang Court, the People’s Bank of China repeatedly discussed with the court and actively coordinate with relevant central and local functional departments to carry out handling work.

On September 13, the People’s Bank of China replied to the Chaoyang Court that it had transferred the clues related to the Ministry of Industry and Information Technology, and coordinated with relevant departments to block websites and applications used by a total of 10 downloadable cryptocurrency exchanges. Blocked addresses included 1 cryptocurrency trading app and 32 related domains.

At the same time, together with the local financial supervisory bureau, the People’s Bank of China investigated more than 20 companies suspected of engaging in virtual currency transactions in the jurisdiction and asked them to shut down the relevant businesses.

On September 21, the Beijing Local Financial Supervision and Administration Bureau together with the Municipal Communications Administration, the City Internet Information Office and other departments, blocked 23 mainstream virtual currency media websites, 440 self-media accounts related to virtual currency publicity and trading, and 13 virtual currency trading apps were removed, controlling 25 keywords suspected of being virtual currency speculation.

At the same time, the Beijing Banking and Insurance Regulatory Authority instructed six banks within its jurisdiction to check the personal accounts of two suspected virtual currency OTC traders and take measures to restrict transactions over-the-counter and account cancellation and other controls.

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Harold

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