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Home » news » People's Bank Of China Issues Warnings To Local Cryptocurrency Exchanges

People’s Bank Of China Issues Warnings To Local Cryptocurrency Exchanges

The central bank published an official document issuing warnings to nine digital coins companies.

This statement confirmed the information about the closed-door meeting with major exchanges on 7 February. The document highlighted that the central bank was issued a number of directives that would obliged exchanges to adhere legislation against laundering of illicit proceeds and regulations for currency exchange.

"If these exchanges violate these requirements, it could lead to grave consequences. In this case, the regulator will be able to close them", -as said in the document.

Among the exchanges, whose representatives participated in yesterday's session, were BTC Trade, Yunbi, HaoBTC, CHBTC, BTC100, BitBays, Yuanbao, Dahonghuo and Jubi.

In January, representatives of the People's Bank of China conducted a series of inspections to local digital coins exchanges. As a result of the monitoring was revealed a number of emergency situations could cause abnormal fluctuations of the Bitcoin course. Also, officials said that these exchanges carried out operations in violation of the existing legislation of anti-money laundering.

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