China is Seeking to Block Access to 124 Foreign Crypto Exchanges

China to block foreign exchanges

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Chinese government is working on a way to block all the overseas cryptocurrency exchanges which are currently offering exchange services to Chinese citizens. On Thursday Shanghai Securities times which reports information from the Chinese financial regulators reported that China National Fintech Risk Rectification Office has already identified more than 100 crypto exchanges which have foreign IP addresses which are still working in China.

The report added that the regulators are now planning to monitor their space and block internet access to all the foreign exchanges. The Chinese National Fintech Risk Rectification Office was created, passed and authorized in 2016. The agency protects the country against financial risks which are related to peer-to-peer crypto trading and lending.

China banned cryptocurrency trading in the country in September 2017. The ban when handing in hand with that of Initial Coin Offerings famously known as ICOs. After the ban, all the major exchanges which traded in China moved their offices to neighboring countries. At the moment some of the world’s biggest exchanges cannot be accessed through the internet in China. This includes OKEx, Bitfinex, and Binance.

The report added that the National Fintech Risk Rectification Office will shut all national sites and accounts on WeChat messaging platform which will be found offering cryptocurrency trading. It’s also said to be negotiating with all third-party payment institutions so that they can check and close accounts which are found handling crypto transactions. The government has also banned several crypto media outlets from operating on WeChat.

The accounts are said to have been closed after the media outlets were found to be providing crypto trading services. This ban was confirmed by the CEO and owner of WeChat Tencent. Some of the companies were ordered to close the accounts permanently. China is said to be working to ensure that digital currencies do not affect their fiat currency. China is, however, supporting the exploration of Blockchain technology which is the technology behind the digital currencies.

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