China bans financial companies from providing services for crypto transactions | Business and Economic News
China’s latest attempt to curb the emerging digital trading market has caused crypto prices to fall.
China prohibits financial institutions and payment companies from providing services related to cryptocurrency transactions, and warns investors not to engage in speculative crypto transactions.
This is China’s latest attempt to contain the emerging digital trading market. The three industry bodies stated in a joint statement on Tuesday that under the ban, such institutions, including banks and online payment channels, are not allowed to provide customers with any services involving cryptocurrency, such as registration, trading, clearing and settlement.