The price of bitcoin fell on Wednesday following news that the People’s Bank of China has launched spot checks on digital currency exchanges in Beijing and Shanghai.

Officials with the PBoC’s Shanghai headquarters and the city’s finance office conducted on-site inspections at BTC China early this week to look for possible rule violations, such as market manipulation or money laundering, and also to assess the safety of customer funds, PBoC said in a statement.

“[PBoC] formed a joint inspection team on Bitcoin China to carry out on-site inspection, focusing on checking whether the scope of the enterprise beyond the scope of the market; Operation, whether or not without a license to carry out credit, payment, exchange and other related business; whether there is market manipulation; anti-money laundering system implementation; financial security risks and so on,” PBoC said.

Central bank officers also visited the offices of OKCoin and Huobi in Beijing.