After Shanghai, now Shenzhen government investigating crypto exchanges

Quick Take

  • The Shenzhen government is investigating crypto exchanges 
  • It has identified 39 crypto exchanges to inspect for illegal activities 
  • Last week, the Shanghai government carried out similar investigation 

After Shanghai, the government of another Chinese city - Shenzhen - is now investigating cryptocurrency exchanges.

The finance bureau of Shenzhen municipality has identified 39 undisclosed cryptocurrency exchanges for inspection, the Shenzhen Special Zone Daily, affiliated with the Communist Party of China (CPC) Shenzhen Committee, reported Friday.

The Shenzhen branch of the People's Bank of China (PBoC), the country’s central bank, will also join the finance bureau for investigation, among other local authorities, per the report.

The authorities will inspect cryptocurrency exchanges for illegal activities, such as money laundering, as cryptocurrency speculation has risen in China among the recent