China Central Bank Closes Software Maker Over Alleged Cryptocurrency Trading

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Authorities in China have reportedly closed down a software company over its alleged involvement in crypto trading activities. A Beijing office of China’s central bank has issued a shutdown order for Beijing Qudao Cultural Development Co Ltd, a local software company. According to a Reuters report, the firm was allegedly involved in cryptocurrency trading. In a joint statement on Tuesday, the Beijing financial supervision administration and a department of the People’s Bank of China (PBoC) said that the software company “was suspected of providing software services for virtual currency transactions.” The two regulators added that Beijing Qudao was ordered to cease all operations. The firm’s website has been suspended as well.
It’s not immediately clear whether Beijing Qudao had anything to do with trading major cryptocurrencies like Bitcoin or Ether, however, local reporter Colin Wu said that the company had been mainly operating in the entertainment industry and had its own virtual currency "Mao Li Coin", aka Cat Coin.source