China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out "illegal" activity and banning crypto mining nationwide, hitting bitcoin and other major coins while putting pressure on crypto- and blockchain-related stocks.
Ten Chinese government agencies, including the central bank as well as banking, securities and foreign exchange regulators, said in a joint statement they would work closely to maintain a "high-pressure" clampdown on the trading of cryptocurrencies.
The People's Bank of China (PBOC) said cryptocurrencies must not circulate in markets as traditional currencies and that overseas exchanges are barred from providing services to mainland investors via the internet.