• Shanghai Municipal Office Bans Crypto App as Part of Chinese Crypto Crackdown

  • The Chinese International Communication Office delisted Block Eye, a popular Chinese Crypto App, as the latest development in China’s Crypto Crackdown. Following a notice from the People’s Bank of China, the Shanghai Municipal Administration of Communications announced that all app stores must remove “Block Eye” (PBoC).

    The issuance of tokens by a cryptocurrency app has resulted in its ban.

    The Shanghai Municipal Office revealed that the Central Bank raised Block Eye’s violation of the country’s crypto crackdown regulations. According to the app’s description, it facilitates intermediary information for virtual currency transactions. It also publicizes crypto transactions through commercial displays and marketing for virtual currency-based business activities. According to the agency’s announcement, this is a violation of the PBoC’s crypto norms.

    “According to the ‘Letter on the Request for Disposal of Suspected Virtual Currency Propaganda and Hype Platform,’ the ‘Block Sky Eye’ app is a virtual currency. The transaction “provides information intermediary services, guides virtual currency exchanges, and conducts commercial display and marketing promotion for virtual currency-related business activities, which violates the Announcement on Preventing the Risk of Virtual Currency Transaction Hype and on Preventing the Risk of Token Issuance Financing,” according to the agency’s announcement on the ban of BTC.

    Previously, Block Eye was an application that allowed users to obtain information about blockchain companies. However, the app recently issued its own tokens, which became the primary reason for its delisting.

    China declared the end of the crypto crackdown.

    Last week, the Chinese Central Bank announced the completion of the nationwide crackdown on virtual currency transactions, which will be followed by “normalized supervision” throughout the country. According to the ‘China Financial Stability Report,’ the Bank revealed that their goal of cracking down on cryptocurrency has essentially come to an end. As the necessary regulatory amendments in several digital spheres are completed throughout the country, the Central Bank announced that supervision will shift from crackdown mode to routine operations.

    According to the People’s Bank of China, “online asset management, equity crowdfunding, Internet insurance, virtual currency trading, internet foreign exchange trading, and fields have essentially completed the rectification work and have been transferred to normalized supervision.”

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