China’s exchange regulator fines Tenpay for misconduct allegation

China’s State Administration of Foreign Exchange has reportedly fined Tenpay, which is owned by Tencent Holding, for foreign exchange rules violations.

The regulator has allegedly issued the online payment company CNY 2.78m ($436,000) for misconduct, including conducting foreign exchange business beyond its registration scope, according to a report from Reuters.

Alongside the fine, the regulator issued a number of warnings to rectify violations and confiscate illegal gains.

Tenpay provided a statement to Reuters, which said it has built and implemented an improvement plan, and has rectified all issues.

It said it would also bolster its compliance management efforts.

China’s financial regulators have had a busy year. In September, the People’s Bank of China banned all cryptocurrencies and stated all transactions are deemed illegal.

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