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Cryptocurrencies

Regulators to block over 100 foreign crypto exchanges in China

Thursday 23 August 2018 | 10:20 AM CET

Chinese financial regulators could block more than 100 overseas crypto exchanges that are offering trading services to Chinese residents.

So far, the China National Fintech Risk Rectification Office has identified 124 trading platforms with overseas IP addresses but available in the country. Authorized in 2016 by China's State Council, the National Fintech Risk Rectification Office is a government agency that tackles on financial risks related to issues like peer-to-peer lending and cryptocurrency trading.

To continue cracking down crypto trading activities in China, the Office will step up its efforts to monitor the space and block the internet access to these trading platforms, CoinDesk cited Shanghai Securities Times.

Currently, the internet access to several major exchanges by trading volumes such as Binance, OKEx, and Bitfinex appears to be unavailable via IP addresses in China.

Moreover, the agency will permanently shut down domestic websites and official accounts on the WeChat messaging app if they are found to be providing crypto trading and ICO services. The news came after several Chinese cryptocurrency media were banned from operating on WeChat, as reported by CoinDesk.

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