Overseas staff of Chinese cryptocurrency exchanges, and individuals and organizations that promote, intermediate and provide technical support to cryptocurrency trading may face legal risks, local authorities said in a joint statement on Tuesday.
Crypto-related businesses and mining farms started to announce withdrawals from China last September due to one of the world’s most stringent crackdowns on the industry.
Following the warning from the trio of Shenzhen financial authorities, the People’s Bank of China released a note on Thursday to warn investors about cryptocurrency scams.
Last week, state-owned Bank of China’s Chongqing branch also warned against crypto trading, and said related activities are illegal.
Despite the local ban on cryptocurrencies, Chinese investors have found creative ways to bypass the ban.