China's Central Bank Zeroes In on Domestic Crypto Traders and Offshore-Linked Entities

China's central bank isn't letting up on crypto. A People's Bank of China department official said Nov. 6 that the PBOC will keep going after domestic virtual-currency business activity, with a sharper focus on two groups: traders inside China and domestic entities tied to overseas virtual-currency issuers and trading platforms, per TokenPost.

The official laid out the reasoning plainly. Virtual currencies, the official said, can't effectively meet customer-identification and anti-money-laundering requirements, and they can stir up speculative trading. Those two gaps are the heart of the case for continued enforcement.

This isn't a lone-wolf effort. The PBOC plans to coordinate with relevant government departments and local governments, the official said, framing the push as a way to keep economic and financial order intact. Bringing in local authorities matters — that's where on-the-ground scrutiny of traders and related businesses tends to land.

What the official didn't announce: any fresh penalties, a timeline, or specific names. The message was directional — the crackdown continues, and the net is now drawn around domestic players plugged into offshore platforms and issuers.