Pi Network - auto mobile mining: Join now and be one of the pioneers!!

Blog

Shenzhen is the blockchain hub of China, but its law enforcement will soon be cracking down on cryptocurrencies. The state has identified some 39 illegal cryptocurrency companies operating within the city.

China’s so-called ‘Silicon Valley’ may soon find itself amidst a serious cryptocurrency crackdown, reportedly against scams and Ponzi schemes. Shenzhen, the leading tech hub of China, is also the home of many cryptocurrency-related scams.  Authorities have reportedly identified 39 illegal companies that have been responsible for defrauding everyday consumers.

39 Cryptocurrency Companies Targeted as Frauds

According to reporter Dovey Wan (@DoveyWan), the authorities are specifically targetting companies engaging in ‘pump-and-dump’ and pyramid schemes. The exchanges involved in aiding these illegal activities will also be punished severely.

Shenzhen’s authorities will reportedly focus on three key activities as part of their legal crackdown: cryptocurrency trading, foreign-licensed exchanges, and cryptocurrency-related investment funds. The 39 companies in China being targeted by this new measure have not yet been disclosed. However, we can expect the names of these ‘illegal’ firms to be released in the coming days, and maybe some information on the exchanges that aided them.

Shenzhen Is a Regulatory Testing Ground for China’s Government

Thursday, BeInCrypto reported on Shenzhen’s changing regulatory regime. Although news of the new legal framework was being leaked in the press in recent days, it seems that now we have some concrete numbers on how many companies will be affected by the move.

Shenzhen will likely prove to be a pilot city for blockchain-related regulations, given that it is the tech hub of China. If successful, we could see these same stipulations apply to other major cities and, eventually, to the rest of the country.

China

China

However, the regulatory policy is nothing new in light of China’s established hostility to cryptocurrencies. Keeping up with its ‘blockchain, not cryptocurrencies’ party line, the state has been hostile to competitors to its Chinese renminbi.


Images are courtesy of Twitter, Shutterstock.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

No Comments

Be the first to start a conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Categories

Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts

DOWNLOAD MY EBOOK FOR FREE

"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris

Resources

  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2020 Cryptoracle.info - Crypto News