Shanghai authorities began to identify and suppress activities related to crypto trading and token sales with further notification of the Central Bank and other institutions. It is reported by The Block with reference to the local financial resource Caixin.
Shanghai headquarters of the People’s Bank of China and Shanghai Municipal Financial Regulatory Bureau are due to complete the audit by November 22. These institutions will pass on information about the identified activity to higher bodies, requiring the respective firms to cease operations.
Recently the Chinese social network Weibo blocked the official accounts of the cryptocurrency exchanges Binance and Tron Foundation, citing “violations of laws and regulations and the relevant provisions of the Weibo Community Convention.” However, the Weibo accounts of cryptocurrency exchanges Huobi and OKEx are still intact.