Chinese cryptocurrency community closes operation amid Beijing’s crackdown, as investors cry ‘fraud’
- Bishijie is the latest casualty of Beijing’s crackdown on activities related to bitcoin and other cryptocurrencies
- Ahead of its closure, Bishijie and founder Tan Chenhui were accused of promoting ‘fraudulent’ tokens by some investors
Privately held Bishijie, which translates to “cryptocurrency world”, said it was closing down its activities for good in China to “cooperate with the industrial rectification requirements of the regulators, in accordance with the central bank’s documents on cryptocurrency”, the company said on Thursday.
Tan hosted a number of offline events last year to market cryptocurrency Boboo Token in cities like Shenzhen, Hangzhou and Chengdu, which made him one of the country’s leading figures to promote digital tokens to the general public. Boboo.com, a cryptocurrency exchange in which Tan is an investor, launched that digital token last year.
The closure of Bishijie marks another grim signpost in the dismantling of cryptocurrency activities in the world’s second-largest economy.
Earlier this month, the People’s Bank of China, the nation’s central bank, and Beijing Local Financial Supervision and Administration issued a joint statement calling on companies to halt cryptocurrency-related businesses, including marketing campaigns and office rental.