May 15, 2018 / 8:47 AM / 8 days ago

China c.bank cracks down on e-payment firms serving illegal exchanges

BEIJING, May 15 (Reuters) - China’s central bank said on Tuesday that it will crack down on third-party electronic payment firms handling transactions for illegal internet platforms.

Together with the foreign exchange regulator, the People’s Bank of China fined one such firm, DDBill Payment Co Ltd, 41.5 million yuan ($6.53 million) for providing payment services to illegal gold and currency exchanges on the Internet. ($1 = 6.3545 Chinese yuan renminbi) (Reporting by Beijing Monitoring Desk; Editing by Simon Cameron-Moore)

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