Local authorities in the Chinese capital, Beijing, have issued a new warning about risks related to cryptocurrency trading activities.

The Beijing Financial Supervision Bureau and a number of other government agencies have asked all private companies not to enter and participate in the world of crypto and cryptocurrency business, according to the announcement published today.

Local authorities stated that they noticed the spread of activities around the trading of encrypted digital currencies, after the State of China announced its support for blockchain technology.

The government authorities added that some companies have seriously violated the rules issued in 2017, meaning the laws prohibiting initial coin offerings.

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The local authorities have ordered all companies not to promote any project or platform dealing in the field of cryptocurrency and asked them not to engage in any crypto-related business.

Government authorities also urged investors to be reasonable when viewing one of these advertisements to avoid being deceived and asked citizens to report any violations of laws and regulations.

It is worth noting that China has cracked down on crypto and cryptocurrencies since 2017, banning all initial coin offerings (ICOs) and forcing cryptocurrency exchanges to halt their operations within the country.

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