China's government-run stock exchange said Wednesday it has no ties to foreign cryptocurrency companies that share English abbreviations.
In a statement, the China Beijing Stock Exchange, a stock exchange operated by the Beijing municipal government for the purpose of trading state-owned company stocks, said in a statement that it has no relationship with a foreign company called CBEX Group, which operates a virtual currency-related business. Ta. It also added that it does not engage in any trading activity related to virtual currencies or other virtual assets.
The exchange also noted that it owns all rights to the CBEX trademark in China and said it will take action against organizations and individuals who illegally use the name.
China’s backdoor crypto traders are more important than ever to Binance’s future
China’s backdoor crypto traders are more important than ever to Binance’s future
The CBEX name is used by multiple organizations, but none have any clear connection to cryptocurrencies. A crypto token called CBEX, issued by a platform called CryptoBank Hybrid Exchange, is not actively traded on any major exchange.
Cryptocurrency activities restricted in China include both commercial transactions and mining activities, although some court decisions have upheld ownership of such assets.
In a statement released by the Supreme People's Procuratorate and the State Administration of Foreign Exchange, prosecutors and regulators said that converting renminbi to foreign currency and vice versa through virtual currency intermediaries is illegal. It added that a “tight crackdown” on illegal cross-border financial activities would continue.
Still, Beijing continues to push its national agenda to implement blockchain in many industries.
