China has come down heavily on popular crypto currency businesses and has banned financial institutions from having any dealings with them including registration, trading, clearing and settlement.
The regulator in the mainland cited volatility as the big concern as it stated "Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property, as virtual currencies “are not supported by real value”
This is the second big move from Beijing that had in 2017 shut down its local cryptocurrency exchanges that had accounted for 90% of global bitcoin trading.