No bitcoin at Beijing equity exchange: CBEX denies links to crypto firm with same name
- China Beijing Equity Exchange said it has no connections to the overseas crypto company CBEX Group and has never traded virtual assets
- It is not clear what prompted the clarification, but Beijing has maintained hostility towards cryptocurrencies amid capital flight concerns
A Chinese government-run equity exchange clarified on Wednesday that it has no links to an overseas cryptocurrency firm that shares its abbreviated English name.
The China Beijing Equity Exchange, a bourse run by the municipal government of Beijing for trading stakes in state-owned enterprises, said in a statement that it has no connection to an overseas company named CBEX Group, which conducts cryptocurrency-related business. It added that it has never carried out any trading activity related to cryptocurrencies or other virtual assets.
The exchange also noted that it owns all rights to the CBEX trademark in China, saying it would take action against any organisation or individual illegally using the name.
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The CBEX name is used by multiple organisations, but none with clear ties to crypto. A crypto token called CBEX, issued by a platform named CryptoBank Hybrid Exchange, is not actively traded on major exchanges.
Restricted crypto activities in China include both commercial trading and mining activities, but ownership rights of such assets have been upheld in some court rulings.
In a statement published by the Supreme People’s Procuratorate and the State Administration of Foreign Exchange, prosecutors and regulators said that converting yuan to foreign currency with crypto as an intermediary, or vice versa, is illegal. A “heavy-handed crackdown” on illegal cross-border financial activities would continue, they added.
Still, Beijing continues to push a national agenda for adopting blockchain across a number of industries.
