Chinese regulators intend to close access …

Chinese regulators intend to close access to 124 foreign crypto exchanges

Chinese financial regulators intend to block more than 100 overseas cryptocurrency exchanges that provide trading services to residents of the country. About This writes CoinDesk with the link to local media.

According to the Shanghai Securities Times, which publishes the official orders of Chinese financial regulators, the Fintech Risk Control Service has found 124 trading platforms using overseas IP addresses and at the same time available in the country..

As part of the ongoing fight against activities related to the trade of cryptocurrencies, the department will monitor the country’s Internet space and restrict access to such platforms, the statement said..

The Fintech Risk Control Service was formed by the State Council of the People’s Republic of China in 2016 and deals with financial risks in lending between individuals, cryptocurrency trading, etc..

In September 2017, the People’s Bank of China recognized ICO and cryptocurrency trading as illegal activities in the country. Following this decision, local cryptocurrency exchanges began to massively move their business abroad..

Currently, several major cryptocurrency exchanges including Binance, OKEx and Bitfinex are not available to users using Chinese IP addresses..

Chinese regulators intend to close access ...

The publication also states that local websites and WeChat accounts are in danger of being permanently blocked if they are found to be providing cryptocurrency trading or ICO services..

The regulator said that it is negotiating with third-party services to pay special attention to accounts that can be used to carry out cryptocurrency transactions, and to suspend their activities.

It was reported this week that the accounts of several Chinese crypto media on WeChat have been blocked. In addition, in one of the districts of Beijing, activities related to the promotion of cryptocurrencies were banned..

Chinese regulators intend to close access ...

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