Overseas crypto exchanges to be blocked in China by Regulators
The Financial regulators in China are moving forward to ban crypto exchanges which do not belong to the country. As of now, 124 ‘overseas’ exchanges are on the blacklist!
China is one of the countries which has very strict rules governing the trade of cryptocurrencies. Now, the regulators in China have gone a step further and decided to ban all the exchanges that have an IP address of a different country, but are available in China.
China National Fintech Risk Rectification Office (CNFRRO) is an organization set up by the government of China in 2016 to tackle any financial issues related to cryptocurrencies. It is also said to play a role in the ban of ICOs and crypto trade in China.
Recently, the instant messaging app, WeChat, banned cryptocurrency and blockchain related accounts belonging to China from their platform. The news came shortly after the newly enacted rule by the Chinese government came into effect.
Strict regulation of cryptocurrencies
The People’s Bank of China announced in September 2017 that it is banning Initial Coin Offerings (ICOs) and the trade of cryptocurrencies in China. This caused several China based crypto exchanges to move out of the country. But now, this move has proved disastrous for such exchanges as they can no longer operate in China.
Also, agencies from China who provide crypto trading and ICO related services have been warned officially by the CNFRRO. Their websites and official accounts on WeChat are in danger of being shut down if they continue to provide their services. It looks like the Chinese government is doing everything it can to get rid of cryptocurrencies and related products from the country for good.
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