China’s Central Bank Cracks Down On Crypto Trading

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China's Central Bank Cracks Down On Crypto Trading 101
Source: iStock/杨培培

Today, the People’s Bank of China said that major banks and payment institutions promised they will not engage in crypto-related activities following a meeting with the market regulator.

The central bank said it summoned several major financial players, such as Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Postal Savings Bank of China, and Alipay, and urged them to crack down on crypto trading and do not provide any other crypto-related financial services.

At 09:53 UTC, BTC trades at USD 33,247 and is down by over 5% in a day. ETH dropped by more than 7%, to USD 2,023.

Learn more: Big-four Chinese Bank Announces Crypto Ban – then Deletes its Post

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