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The Chinese central bank has reportedly shut down a software company based out of Beijing on suspicion of involvement in crypto trading activities. The firm was reportedly focused on the entertainment industry and had a token called Mao Li Coin.
The firm Beijing Qudao Cultural Development Co Ltd was ordered to seize all operations and their website was suspended as well. The order was issued by the Beijing financial supervision administration of the People’s Bank of China. The central bank in its statement said,
We have canceled a Beijing company that provides software services for virtual currency transactions and closed its website, no institution may provide services for virtual currency transactions.
The orders from the central bank warned institutions against offering any kind of office space or infrastructure assistance for virtual currency businesses.
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