In a statement issued on Wednesday, the People’s Bank of China said that it will continue with the on-site inspections of the bitcoin trading platforms operating in the country.
The statement follows the onsite investigations by the PBoC launched earlier this month on the domestic cryptocurrency exchanges. The probe aimed to rule out possible violations, including market manipulation, money laundering and unauthorized financing.
The central bank stated (Google-translated):
“According to the initial inspection and the problems found, the inspection group decided to continue to focus on payment and settlement, anti-money laundering, foreign exchange management, information and financial security and other aspects of further inspection.
“Investigators suggested that investors should pay attention to Bitcoin platform transactions, such as legal compliance, market volatility, financial security and other risks, careful participation in Bitcoin investment activities.”
The central bank ramped up its efforts to ensure regulatory compliance by digital currency exchanges after bitcoin price hit a multi-year high of $1,139 (Bitstamp) on 04 January 2016. The officials from the PBoC met with the representatives of leading Chinese bitcoin exchanges including BTCC, Huobi and OKCoin.
Following these meeting and investigations, BTCC, Huobi and OKCoin decided to charge fees for bitcoin and Litecoin trading, starting January 24, aiming to curb speculation and prevent price volatility.
