China has declared all transactions involving Bitcoin and other cryptocurrency trading illegal.
It has banned crypto mining nationwide.
Ten Chinese government agencies, including the People's Bank of China said in a joint statement on Friday they would clamp down on cryptocurrency trading.
It said the move is aimed at safeguarding people's properties and maintaining economic, financial and social order.
Trading in crypto-assets had already been restricted in China.
Beijing is trying to cease activity in crypto-assets that the government can't control, as it tests issuing its own digital yuan.