China’s financial regulators are going to ban more than 100 foreign crypto exchanges that offer trading services to local investors.
Hunting Down Crypto Exchanges
Providing details, Shanghai Securities Times reported that the China National Fintech Risk Rectification Office has so far detected 124 trading platforms with foreign IP addresses, yet that are accessible in the country. The office intends to keep monitoring the space and
The National Fintech Risk Rectification Office is a government organization aiming to fight against money related risks like peer-to-peer loaning and cryptocurrency exchanging.
Erasing Crypto-Related Services from the Web
Last year in September, the People's Bank of China prominently announced prohibiting initial coin offerings (ICOs) and, as a result, crypto trading platforms in the country. After that, major platforms based in China had to move their organizations abroad.
Right now several large platforms, for example, Binance, OKEx, and Bitfinex are inaccessible in China.
What’s more, the office will permanently close domestic firms and official profiles on WeChat, in case they are found to be offering ICO services or crypto trading opportunities. The ban didn’t get around crypto-focused media either: some of them were banned from operation on WeChat, too, and some – forced to shut down forever.