China banned the Cryptocurrency business and instructed the financial and payment institution not to provide the service related to cryptocurrency. The ban has been put on the financial and payment institutions not provide any service related to registration, trading, clearing and settlement to its clients. Three industrial bodies in a joint statement said "Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people's property and disrupting the normal economic and financial order." Three industrial Bodies are the National Internet Finance Association of China, the Chian Banking Association and the Payment and Clearing Association of China.
This is not the recent clamped down of China on cryptocurrency. In 2019, the People's Bank of China has said in the statement that it would block access to all domestic and foreign cryptocurrency exchanges and initial coin offering websites.