China has once again tightened its crackdown on crypto after a major meeting on November 28, 2025. The People’s Bank of China (PBOC) clearly stated that virtual assets, including stablecoins, have no legal status and cannot be used as money. With crypto activity rising again, officials are warning about illegal trading, scams, and money moving secretly across borders.
On November 28, China’s central bank hosted a large coordination meeting with the top ten major government bodies
Chinese officials said that crypto speculation is rising once more, mainly driven by global price jumps and hype spreading fast on social platforms.
With this comeback, regulators have noticed several warning signs, like new illegal fundraising activities, cross-border crypto money transfers, and more fraud cases linked to stablecoins.
Authorities also reported that many users are secretly bypassing capital controls through digital assets. Because of these growing risks, China believes strong action is needed before the situation becomes harder to handle.
According to officials, while earlier crackdowns since 2021 were “effective,” crypto trading and speculation have recently resurfaced due to rising global prices and new market trends.
A major focus of the meeting was stablecoins, which PBOC officials called just another form of virtual asset that fails to meet KYC or anti-money-laundering standards.
Officials warned that stablecoins in particular can be easily misused for underground payments, fraud, and illegal cross-border transfers. The message was clear, crypto will remain strictly prohibited in the mainland.
China told all departments to keep blocking access to crypto trading channels and improve monitoring of both data and money movements.
Authorities will boost information-sharing across agencies so they can quickly act against illegal crypto activity and protect citizens from scams. The main goal remains unchanged, to avoid financial instability.
Officials said crypto risks are a “long-term challenge,” and the only way forward is continued strict enforcement.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Binance founder CZ didn’t try to sugarcoat the market mood this week. He took to…
Avalanche is starting the week with a noticeable uptick in on-chain activity, fueled particularly by…
The European crypto firm 21Shares has confirmed that its U.S. spot XRP ETF will officially…
Stellar (XLM) Price is holding steady in a tight trading range, even as overall market…
U.S. spot Bitcoin ETFs saw $714M in net inflows on Nov. 28, led by ARKB at $88.04M…
CoinShares, with $10 billion Assets Under Management (AUM), has unexpectedly withdrawn its plans to launch…
