The Chinese authorities will block foreign crypto exchanges, which are used by residents of the country. An official order was published in Shanghai Securities Times.
The report says that Chinese regulators found 124 platforms working with citizens of the country that use foreign IP-addresses. The Risk Management Service in the field of fintech notes that in China such activities are prohibited.
The publication also notes that local sites and accounts in WeChat will be blocked if it turns out that they provide cryptocurrency exchange or ICO running services.
Yesterday It became known that the popular Chinese instant messenger WeChat blocked accounts with news regarding blockchain and cryptocurrency. According to the representatives of the service, the reason was publishing ICO data and creating hype around cryptocurrencies.
WHY IS IT IMPORTANT?
- Despite the active development of blockchain, ICO’s and trading in cryptocurrencies are banned in China. Large exchanges are not available for those using local IP-addresses. Because of this, many sites moved their business to other countries.
- The blocking of foreign cryptocurrency exchange platforms will reduce Chinese citizens ability to invest in digital assets.