About 124 Foreign Crypto Exchanges Available in China to be Blocked by Regulators

Article by · August 23, 2018 ·

More than 100 overseas crypto exchanges that are providing trading services to residents of Chinese are to banned by the Chinese financial regulators.

A report on Thursday by the Shanghai Securities Times, which mouthpiece of Chinese financial regulators, revealed that so far, 124 trading platforms with overseas IP addresses but found in the country have been identified by the China National Fintech Risk Rectification Office.

An earlier report stated that, in order to keep cracking down crypto trading events in China, the Office is ready to put in its best to monitor the space and block the internet availability to these trading platforms.

A rule to ban initial coin offerings (ICOs) and crypto trading in China was announced by the People’s Bank of China in September 2017. The major exchanges located in China at the time relocated their businesses to other countries as a result of the order.

Presently, the internet availability to different major exchanges by trading volumes, for example, Binance, OKEx, and Bitfinex seem to be missing through IP addresses in China.

According to Today’s report, the domestic websites and official accounts on the WeChat messaging app will be permanently shut down by the agency if they are found to be offering crypto trading and ICO services.

The agency also noted that it is in discussion with third-party payments vendors that are supposed to critically examine and terminate accounts that are dubious of taking care of cryptocurrency transactions, the report further noted.

The news came just two days following an earlier report that many Chinese cryptocurrency media were prohibited from working on WeChat.

On Wednesday, the reason for the ban as confirmed by WeChat’s owner Tencent with business media Caixin was because these accounts were found to have offered crypto trading and ICO services. According to the report, some of the accounts were ordered to permanently shut down.

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