Cryptocurrency Community Bishijie Shuts Down on the Chinese Mainland

What’s new: Online cryptocurrency community Bishijie has shut down on the Chinese mainland, becoming one of the latest targets of a government crackdown on the industry.

“The Bishijie app and website will stop operating on the Chinese mainland immediately,” Bishijie said in a Thursday statement (link in Chinese) on its website, citing central bank regulations and Beijing’s crackdown for its decision.

While still accessible from the mainland, Bishijie’s website has cleared all user-generated content as of Friday afternoon. Its mobile app is no longer available to download.

Why it matters: The closure of the service shows how China is cracking down on various kinds of cryptocurrency activities within its borders. Earlier this month, financial regulators in Beijing suspended the operations of a software service for cryptocurrency trading, warning that similar businesses, such as cryptocurrency advertising and marketing, will also be banned, according to an official statement (link in Chinese).

The background: To achieve its long-term goals of becoming carbon neutral and ensuring the stability of its financial system, China has been intensifying a campaign this year against cryptocurrency that began in 2013 (link in Chinese), banning the trading and mining of the virtual assets outright. Several provinces have recently shut down cryptocurrency mines.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Contact editor Michael Bellart (michaelbellart@caixin.com)

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