Any Cryptocurrency exchanges operating illegally in China are likely to face the wrath of the massive government effort to expose them for operating despite the ban.
Shenzhen officials have identified a total of 39 exchanges operating in the city despite the Cryptocurrency trading ban still intact in China.
Central Bank Will Focus on Bitcoin and Ethereum in Probe
The ban operation was carried out by the People’s Bank of China which is the central bank of China. It still remains unknown what consequences these exchanges will face, but reports have stated a desire to crack down on liquidity.
A rough translation of a statement release describes a three-pronged approach:
“It is reported that the action will focus on three activities: first, providing virtual currency trading services or opening virtual currency trading places in China; second, providing service channels for overseas virtual currency trading places, including services such as drainage and agency trading; Sell tokens in various names, raise funds for investors or virtual currencies such as Bitcoin and Ethereum.”