A Chinese government-run stock exchange clarified on Wednesday that it has no ties to an offshore cryptocurrency company that shares its English acronym.
The Beijing Stock Exchange of China, an exchange run by the Beijing municipal government that trades stakes in state-owned companies, said in a statement that it has no connection to an offshore company called CBEX Group, which does cryptocurrency-related business. It added that it has never undertaken any trading activity related to cryptocurrencies or other virtual assets.
The exchange also noted that it owns all rights to the CBEX trademark in China, saying it will take action against any organization or individual that uses the name illegally.
China's backdoor cryptocurrency traders appear more important than ever to Binance's future
China's backdoor cryptocurrency traders appear more important than ever to Binance's future
The name CBEX is used by many organizations, but none of them have clear ties to cryptocurrencies. The cryptocurrency token called CBEX, issued by a platform called CryptoBank Hybrid Exchange, is not actively traded on major exchanges.
Cryptocurrency activities restricted in China include both commercial trading and mining activities, but ownership rights to these assets have been upheld in some court rulings.
In a statement published by the Supreme People's Procuratorate and the State Administration of Foreign Exchange, prosecutors and regulators said that converting the yuan into a foreign currency using cryptocurrencies as an intermediary, or vice versa, is illegal. They added that the “crackdown” on illegal cross-border financial activities will continue.
However, Beijing continues to push a national agenda for the adoption of blockchain technology in a number of industries.
