The People’s Bank of China (PBoC) is moving to more closely monitor (or otherwise engage) with domestic bitcoin exchange businesses.
Just days after it was revealed the PBoC’s Beijing and Shanghai offices had visited the country’s three largest exchanges by volume, the central bank said today that it is pledging to better engage with BTCC, Huobi and OKCoin through continued on-site inspections or meetings.
Discussed at new meetings, according to releases by the Beijing and Shanghai offices, were topics including compliance (anti-money laundering and foreign exchange management).
“The checks focused on whether the firm was operating out of its business scope, whether it was launching unauthorized financing, payment, forex business or other related businesses, whether it was involved in market manipulation, anti-money laundering or (carried) fund security risks,” a translation provided by Reuters states.
BTCC CEO Bobby Lee confirmed the meeting to CoinDesk, stating that the PBoC requested data on its operations as well as recommendations on how the government might move to regulate bitcoin exchange operations.
However, Lee stressed that the on-site visitations are “very common” for businesses in China and continued to express an optimism about the engagement, which he framed
Read more ... source: CoinDesk
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