Bitcoin Swings as China Regulators Punish Company Over Crypto

  • Date: 06-Jul-2021
  • Source: Yahoo News
  • Sector:Economy
  • Country:Middle East
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Bitcoin Swings as China Regulators Punish Company Over Crypto

(Bloomberg) -- Bitcoin fluctuated Tuesday after China’s central bank and a regulator in the capital city took action against a company that was allegedly providing cryptocurrency-related services.

The largest cryptocurrency had risen as much as 3.7% to $35,094 before dropping back after the People’s Bank of China and Beijing’s local financial regulator ordered a company in the city to cancel its business registration. As of 7:55 a.m. in New York it was trading 1% higher at $34,194.

Financial and payments institutions should not directly or indirectly provide virtual currency-related services, the PBOC and the Beijing regulator said in a statement. It named marketing, promotion and display, and location-setting among prohibited activities.