Multi-Agency Task Force on Internet Finance of China

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The People's Bank of China, Banking and Insurance Regulatory Commission, Public Security Bureau, Central Cyberspace Affairs Commission, and the State Administration for Market Regulation, all organs of the People's Republic of China, make up a multi-agency task force on internet finance that first became active in September 2017.

Early that month, the task force made it known that all cryptocurrency exchanges in China would be closed and that existing ones had until September 15, 2017 to post a notice to their customers announcing their closing dates.[1] On September 24, 2017 the members of the task force declared initial coin offerings to be illegal,[2] and by November 1, 2017 all cryptocurrency exchanges in China were officially out of business.[3]

In January 2018, the task force instructed the provinces in China to direct local companies to exit the cryptocurrency mining industry.[4]

Despite the government actions, trading and investing in cryptocurrencies continued surreptitiously. The China National Fintech Risk Rectification Office, an agency not usually mentioned as part of the task force, reported on August 23, 2018 that it had found 124 offshore cryptocurrency exchanges that were accessible from China.[5] On August 24, the task force provided a warning to the public to be alert to illegal trading and Ponzi schemes.[6]