Baofu Payment Fined 3.77 Million Yuan Again, Responds That Special Team Has Been Established to Complete Self-Inspection and Rectification.

Payment industry faces another million-yuan fine! On November 3rd, Beijing Business Daily reporters noticed that, according to the administrative penalty information from the People's Bank of China Shanghai Branch, Baofu Network Technology Co., Ltd. was warned for violating merchant management regulations, violating clearing management regulations, and violating account management regulations, confiscating illegal gains of 11,291.48 yuan, and fined 3.77 million yuan. This penalty adopts a "dual penalty system". According to the announcement, Chen, who is directly responsible for the violation of account management regulations by Baofu Payment, was also warned and fined 160,000 yuan. When asked about the progress of business rectification, Baofu Payment responded, "We sincerely accept and resolutely implement the regulatory measures. In the previous routine law enforcement inspections by the People's Bank of China Shanghai Branch, we have set up a special team to follow up and implement the guidance and opinions of the People's Bank, and in accordance with regulatory requirements, we have completed self-examination and rectification work."