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A Beijing-based software company has been shut down by China’s central bank over its alleged involvement in crypto trading.
The software company, Beijng Qudai Cultural Development, has been ordered to suspend operations and shut down its website.
A statement from the People’s Bank of China added that Beijing companies are prohibited from providing venues, commercial displays, or advertising for cryptocurrency-related businesses.
The move comes amid a crackdown by Chinese authorities on tech companies as well as crypto companies. In recent days, the Cyberspace Administration of China has targeted technology companies listed in the United States for alleged violations of China’s national security and cybersecurity laws.
One of these is the Didi Chuxing rideshare app, while others include the online recruiting company Boss Zhipin and the Full Truck Alliance trucking app.
The move against Didi, which saw it pulled from Chinese app stores, came just days after the company was listed on the New York Stock Exchange and raised $ 4.4 billion, the largest IPO on the stock exchange involving a Chinese company since Alibaba in 2014.
Shares of Didi fell more than 5% on the announcement, as did shares of one of its biggest investors, Japan’s SoftBank.
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Sources 2/ https://www.finextra.com/newsarticle/38403/china-central-bank-closes-software-firm-for-crypto-trading The mention sources can contact us to remove/changing this article |
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