The People's Bank of China has ordered the closure of software maker Beijing Qudao Cultural Development Co Ltd for allegedly trading cryptos. The authorities have ordered the company to cease its operations and shut down its website.
The Beijing Financial Conduct Authority and a department of the central bank have said Beijing-based companies cannot offer advertising services to crypto-related organizations.
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According to journalist Colin Wu, Beijing Qudao Cultural Development was primarily in the entertainment industry and had its own cryptocurrency, Mao Li Coin.
Bitcoin has fallen 3% following the announcement of the shutdown of Beijing Qudao Cultural Development Co Ltd.
The authorities of four Chinese provinces have recently limited the supply of electricity to Bitcoin miners, resulting in a drop in the crypto's network hashrate as well as increased volatility in its price.