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Shenzhen PBoC Launches Crypto Trading 'Clean-Up': Report
China's central bank vowed earlier in August to keep high pressure on crypto trading.
Updated Sep 14, 2021, 1:40 p.m. Published Aug 17, 2021, 6:07 a.m.
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The Shenzhen branch of the People's Bank of China plans to "promptly clean up and rectify" 11 companies for providing illicit crypto trading activities, state-owned Shanghai Securities Journal reported today.
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- "Rectification" is often used in China to mean that authorities are bringing companies in line with regulation. It has been widely used in the past year's crackdown on tech companies, notably in the case of Ant Group.
- The central office of the PBoC is resolute on keeping "high pressure" on the crypto trading industry, according to a meeting held earlier in August.
- The PBoC branch has already completed the rectification of a "well-known domestic financial website" providing foreign exchange deposits, and dealt with eight reports of online forex and cross-border stock trading services, the report said.
- Chinese authorities started a crackdown on crypto mining in May after the country's State Council, its cabinet of ministers, issued a notice.
- Other crypto-related companies have started to fall, including media.
Read more: PBoC Says It Will Keep High Pressure on Crypto Trading
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Що варто знати:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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