China bans financial, payment institutions from cryptocurrency business, warned investors against crypto speculation

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China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading, marking China's latest attempt to clamp down on what was a burgeoning digital trading market.

Three state-owned financial industry bodies - the National Internet Finance Association of China, a state-backed association of Chinese internet firms providing financial services, the China Banking Association on behalf of the country’s banks, as well as the Payment and Clearing Association of China, on Tuesday jointly issued a warning about the risks stemming from volatile cryptocurrencies and . . .

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