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China’s southern Hainan province has issued a warning against operators who run illegal cryptocurrency-related fundraising schemes, as the country keeps strengthening its tough stance against the industry. According to Reuters, citing local media outlet Nanguo Metropolis, financial regulators from the island province, including branches from the People’s Bank of China (PBoC), also have cautioned on illegal crypto activity across the zone.
“No organization or individual in Hainan Province shall illegally engage in token issuance and financing activities; any so-called token financing platform shall not engage in the business of exchange between legal tender and tokens or ‘virtual currencies,’ and shall not buy, sell or act as a central counterparty to buy or sell tokens,” the regulators stated.