Bitcoin tumbles as China issues new warning to digital currency exchanges

The People’s Bank of China (PBoC) is laying out the ground rules for companies dealing with digital currency in the country.

Reports surfaced that officials from the central bank called in several of the country’s digital currency exchanges for closed door meetings this week. PBoC confirmed the reports and added that Wednesday’s meeting was broader than the ones held earlier this year, with a number of lesser-known bitcoin and cryptocurrency exchanges in attendance.

Among those who attended the meetings were BTC Trde, Yunbi, HaoBTC, CHBTC, BTC100, BitBays, Yuanbao, Dahonghuo and Jubi.

PBoC indicated on its website that it has issued specific instructions to the digital currency exchanges, stressing the need for platforms to enforce anti-money laundering (AML) and foreign exchange regulations.