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China's central bank to continue spot checks on bitcoin exchanges

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China's central bank to continue spot checks on bitcoin exchanges

The People's Bank of China will continue to conduct spot checks on bitcoin exchanges after probing three exchanges earlier this month, Reuters reported Jan. 25, citing a statement from the central bank.

Earlier in January, the central bank scrutinized major bitcoin exchanges BTCC, Huobi and OKCoin for possible rule violations. Following the launch of the spot checks, the three exchanges halted leveraged trading.

The spot checks are part of the Chinese government's efforts to curb capital outflows and relieve pressure on the yuan.