Chinese government shuts down 173 crypto exchanges and token issuers

Almost 200 cryptocurrency exchanges and token issuing platforms have been shut down.

According to the People's Bank of China's financial report, the country will continue to crack down on "Unlicensed payment" businesses, which include online lending institutions and other financial companies operating on the internet.

Chinese crypto exchanges exit the market "Without risk" after a government crackdown.

The country's government has been tightening its grip over the financial industry and cryptocurrencies were the last ones hit.

In the newly released Financial Stability Report, the People's Bank of China stated that 173 "Virtual currency trading and token issuing platforms have exited without risk."

Cryptocurrency exchanges weren't the only ones hit by the latest crackdown.

According to PBoC's report, the government has been promoting "Special rectification of financial risks on the internet," which decreased the number of online lending institutions from 5,000 to 1,490.China pushes out all competition out of the country.

With 173 crypto companies pushed out of the country, the Chinese government now has a clear path to further crackdown on the industry.

Authorities in the Chinese city of Shenzhen also launched their own campaign to crack down on illegal activities on crypto exchanges, which led to 39 exchanges being investigated.

The effort to eliminate the crypto industry from China is in line with the country's plans to launch its own stablecoin.