China is shutting down Bitcoin and cryptocurrency exchanges, and attorneys familiar with cryptocurrency issues suspect the bans may have far-reaching consequences. This cryptocurrency ban comes when cryptocurrency transactions are reportedly at their peak in China and follows an earlier ban on token sales.

Why the Ban?

When asked about the move, Joshua Ashley Klayman, an attorney at Morrison & Foerster, told Legaltech News that China “appears to have expressed the same sorts of concerns that many other countries have raised—the prevalence of fraud and scams, anti-money laundering and related concerns, and certain tokens being securities but not being in compliance with the regulatory framework.”

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