Beijing Equity Exchange (CBEX) Refutes Association with Cryptocurrency Company Sharing Its Name; Confirms No Bitcoin Trading

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On Wednesday, the state-managed China Beijing Equity Exchange issued a
clarification to assert that it is not associated with a foreign crypto
entity, despite the two sharing a similar abbreviation in their English names.

The exchange, governed by Beijing’s municipal government and facilitating
share trading in state firms, stated unequivocally that it has zero
affiliation with the CBEX Group, a company involved in cryptocurrency,
emphasizing it has not engaged in any cryptocurrency or virtual asset
trading operations.

Moreover, the exchange asserted its exclusive ownership of the CBEX
trademark within China and intimated it would pursue legal measures
against any entity or person misusing its trademark illegally.

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The reasons behind the emphatic denial remain undisclosed. Nonetheless,
China’s regulatory landscape remains resolutely anti-cryptocurrency, which
they view as a conduit for capital outflow. The previous year saw China
experience its first net annual capital exodus in half a decade.

While various organizations use the CBEX moniker, none have been verifiably
connected to cryptocurrency undertakings. Notably, a crypto asset known as CBEX,
launched by CryptoBank Hybrid Exchange, does not enjoy active trading status on
leading exchanges.

Crypto activities within China’s borders are broadly restricted—including
trading and mining operations—however, some legal decisions have upheld the
property rights of crypto assets.

In December, a concerted call was launched by Chinese regulators for an
intensified crackdown on using cryptocurrencies, particularly the stablecoin
Tether, for illicit forex trading activities.

Authorities, including the Supreme People’s Procuratorate and the State
Administration of Foreign Exchange, declared the use of cryptocurrencies to
bypass regulations in converting yuan into foreign currencies or vice versa as
unlawful. They committed to persist in their vigorous stance against illegal
cross-border financial activities.

Yet, despite the strict stance on cryptocurrencies, Beijing is actively
fostering the adoption of blockchain technology across various sectors.

Recently, the Ministry of Industry and Information Technology has made
announcements that China is set to form a national Web3 development agenda
that harmonizes with the country’s objectives. The ministry indicated that
the forthcoming blueprint would be designed to nurture novel business models
involving non-fungible tokens (NFTs) and decentralized applications.

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