China Bans Crypto Exchanges and Websites

China bans crypto exchanges and websites in its latest move to ensure the complete compliance with its financial market regulations. Chinese officials have blocked 124 trading platforms that have overseas IP addresses and operate in the country. 

23 August, AtoZ Markets Financial regulators in China decided to block more than 100 foreign cryptocurrency exchanges that are providing trading services to residents in China.

China bans crypto exchanges and websites

The official news outlet of Chinese financial regulators, Shanghai Securities Times has reported that the China National Fintech Risk Rectification Office has spotted 124 trading platforms that have overseas IP addresses and operate in the country.

The office has decided to improve its efforts to monitor the sector and moved to block the internet access to these cryptocurrency trading exchange platforms. According to the report, the National Fintech Risk Rectification Office is a government agency that is responsible for managing the financial risks that are connected to the issues related to peer-to-peer lending and cryptocurrency trading. The agency has been authorized by China’s State Council back in 2016.

In September 2017, the People’s Bank of China has announced the ban on Initial Coin Offerings (ICO) and cryptocurrency trading in the country. After this rule has been put into effect, some of the major crypto exchanges in China have moved their services overseas.

WeChat Blocks Crypto Accounts

Presently, the Internet access to some of the major exchanges such as Binance, Bitfinex, and OKEx seems to be blocked via IP addresses in China.

The latest development from the authorities in China will reportedly shut down local websites and official accounts on the WeChat, as AtoZ Markets reported yesterday. The latter accounts will be shut down in case they are found providing crypto trading and ICO services.

The Chinese regulators further stated that it is holding discussions with third-party payment vendors that are obliged to examine and suspend accounts that are suspicious of handling any crypto related transactions.

According to local media sources, the Chinese platform that has been developed by Tencent has moved to block an unconfirmed number of crypto and Blockchain related accounts. The news quotes a WeChat official as stating that some of the public accounts are suspected of publishing Initial Coin Offering (ICO) and cryptocurrency trading “hype.” This reportedly violates the company’s “Interim Provisions on the Development of Public Information Services for Instant Messaging Tools” terms.

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