China: PBoC Arm Orders PSPs to Stop Transacting with 40 FX Brokers

[kreslik.news]

The branch of China’s central bank in Jinan is telling third-party payment service providers to suspend business with several forex trading brokers, according to local media reports. Currently, authorities have shortlisted 40 major FX platforms for inspection.

Local outlet IFeng Finance reported that a notice issued by the State Administration of Foreign Exchange (SAFE) stated that the nation’s forex regulator is monitoring the activities of Chinese non-bank payment agencies that provide payment services for the ‘suspected illegal’ online FX platforms.


SAFE, which is part of the People’s Bank of China (PBOC), ‎instructed each payment agency to investigate ... (read more)