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Gold exchanges in many places have been cancelled.

On August 16, the Guizhou Provincial Local Financial Management Bureau announced that the Guizhou Financial Assets Exchange Co., Ltd. (hereinafter referred to as Guizhou Financial Assets Exchange) will be disqualified from financial asset trading. The disqualification of Guizhou Financial Assets Exchange will not affect the legal relationships that the company should bear according to law, and the company will continue to bear the responsibility of risk disposal institutions. After the disqualification of Guizhou Financial Assets Exchange will be disqualified, there will no longer be any financial asset trading venues in Guizhou Province.

On the same day, the Hubei Provincial Local Financial Management Bureau announced that the financial asset trading business qualifications of Wuhan Financial Assets Exchange Co., Ltd. were revoked, Wuhan Financial Assets Exchange Co., Ltd. would no longer engage in trading venue-related businesses, and there would no longer be any financial asset trading venues in Hubei Province.

On the same day, the Dalian Local Financial Management Bureau announced that, upon the company's initiative, the Dalian Financial Assets Exchange Co., Ltd.'s financial asset trading business qualification was revoked. After the revocation, there is no longer a financial asset trading venue in Dalian.

Gold exchanges have been cancelled in many places before. According to incomplete statistics from The Paper, as of now, more than 20 places across the country have announced the cancellation of gold exchanges.

On July 31, Beijing Financial Assets Exchange Co., Ltd. (hereinafter referred to as "BFE") announced that according to the notification requirements of the Beijing Local Financial Management Bureau on BFE's withdrawal from local trading venues, BFE will no longer carry out general financial exchange business including non-listed state-owned property rights transfer, non-performing asset transfer, etc., and will complete the closing of existing business within a time limit.

On July 5, the Sichuan Provincial Local Financial Administration Bureau announced that in order to implement the national financial regulatory requirements, Sichuan Financial Assets Exchange Co., Ltd. voluntarily applied to withdraw from the trading venue industry and no longer engage in trading venue-related businesses. As of the date of the announcement, there are no legal financial asset trading venues in Sichuan Province.

On June 21, local financial management departments in Guangdong, Xiamen, Ningbo, Tianjin, Shanxi, Heilongjiang, Henan, Hainan and other places announced that they would cancel the financial asset trading business qualifications of 8 financial asset trading centers (exchanges) under their jurisdiction. After the cancellation, there are no more financial asset trading venues in Guangdong, Tianjin, Shanxi, Heilongjiang, Henan and Hainan.

On May 10, local financial management departments in Shandong, Jilin, Jiangxi, Qingdao and other places announced that they would cancel the financial asset trading business qualifications of Shandong Financial Asset Trading Center Co., Ltd., Jilin Northeast Asia Innovation Financial Asset Trading Center Co., Ltd., Jiangxi Gannan Financial Asset Trading Center Co., Ltd., and Qingdao Guofu Financial Asset Trading Center Co., Ltd. On the same day, the Shenzhen Local Financial Management Bureau announced that Shenzhen Yintong Qianhai Financial Asset Trading Center Co., Ltd. took the initiative to apply to withdraw from the trading venue industry. After that, there will be no legal financial asset trading venues in Jilin, Jiangxi, Qingdao and Shenzhen.

On March 25, local financial management departments in Hunan, Liaoning, Xi'an, Chongqing and other places announced that they would cancel the financial asset trading qualifications of Hunan Financial Assets Trading Center Co., Ltd., Liaoning Financial Assets Trading Center Co., Ltd., Xi'an Baijin Financial Assets Trading Center Co., Ltd., and Chongqing Financial Assets Exchange Co., Ltd. Since then, there are no more compliant local financial asset trading venues in the above four regions.

Since last year, regulatory authorities have spoken out on many occasions about the chaos in gold exchanges.

On November 8, 2023, Yi Huiman, then chairman of the China Securities Regulatory Commission, said at the 2023 Financial Street Forum Annual Meeting that in the past period, various forms of "quasi-financial" chaos, such as "pseudo private placements", gold exchanges, and "pseudo gold exchanges", have occurred frequently, and supervision has lagged behind, becoming an important source of risk. He also said that it is necessary to strengthen inter-ministerial coordination and central-local cooperation, bring all types of securities activities under supervision in accordance with the law, and strictly controlPrivate EquityWe will tighten access to fields such as securities and futures, crack down on "pseudo private placements", clean up and rectify gold exchanges and "pseudo gold exchanges", and eliminate regulatory gaps and blind spots.

On December 14, 2023, Yi Huiman, then chairman of the China Securities Regulatory Commission, presided over a Party Committee (expanded) meeting to convey and study the spirit of the Central Economic Work Conference and study and deploy the implementation work of the China Securities Regulatory Commission system. The meeting once again mentioned that "pseudo private placements" should be severely cracked down on, gold exchanges and "pseudo gold exchanges" should be cleaned up and rectified, and efforts should be made to eliminate regulatory vacuums.