Just-In: China Central Bank Shuts Software Company For Suspected Crypto Trading

Published by
Just-In: China Central Bank Shuts Software Company For Suspected Crypto Trading

The Chinese central bank has reportedly shut down a software company based out of Beijing on suspicion of involvement in crypto trading activities. The firm was reportedly focused on the entertainment industry and had a token called Mao Li Coin.

The firm Beijing Qudao Cultural Development Co Ltd was ordered to seize all operations and their website was suspended as well. The order was issued by the Beijing financial supervision administration of the People’s Bank of China. The central bank in its statement said,

We have canceled a Beijing company that provides software services for virtual currency transactions and closed its website, no institution may provide services for virtual currency transactions.

The orders from the central bank warned institutions against offering any kind of office space or infrastructure assistance for virtual currency businesses.

Advertisement

China’s Crypto Crackdown Continue to Intensify

China’s crypto crackdown has been the talk of the crypto town for the past two months now. The world’s most populated country is notorious for issuing crypto warnings and banning virtual asset businesses from time to time. This year the ban was primarily focused on mining activities that led to one of the biggest Bitcoin miner exoduses from the country that hosted more than 60% of Bitcoin miners. As a result, the mining hashpower of the BTC network fell by 50% which led to the biggest mining adjustment in history.

When the crypto crackdown began in May, many foreign exchanges serving Chinese traders had to cut their service especially those offering leverage trade. However, the crackdown intensified with time and expanded to ban on mining as well.

Many market analysts beleive the reason for the recent ban could be the upcoming launch of the national sovereign CBDC Digital Yuan.

 

Advertisement

Share
Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy

Solana increased in price by 5% to approximately $219 following a $2 billion Solana treasury…

October 2, 2025
  • 24/7 Cryptocurrency News

XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization

The XRP Ledger (XRPL) has launched the Multi-Purpose Token (MPT) standard, designed to simplify and…

October 1, 2025
  • 24/7 Cryptocurrency News

SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown

The U.S. Securities and Exchange Commission has announced plans to streamline its operations amid the…

October 1, 2025
  • 24/7 Cryptocurrency News

Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility

Pi Network has now added two new features to its Testnet. These are a decentralized…

October 1, 2025
  • 24/7 Cryptocurrency News

October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges

U.S. private payrolls unexpectedly fell in September, raising market bets that the Federal Reserve will…

October 1, 2025
  • 24/7 Cryptocurrency News

Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility

Asset manager Hashdex has officially included Cardano in its Nasdaq Crypto Index U.S. ETF. This…

October 1, 2025