Chinese self-regulatory watchdog the National Internet Finance Association of China (NIFA) has issued an official warning in which said that in order to avoid regulatory violations, some cryptocurrency exchanges register or configure servers abroad and continue to participate in relevant activities in China.
The statement says the exchanges often attract the attention of consumers with various tricks. The regulator says some exchanges began to spread the idea that cryptocurrencies are safe havens other than gold and silver.
"By sampling and analyzing transaction data of some platforms, the daily turnover of more than 40 crypto exchanges exceeds 100%, and the daily turnover of more than 70 days exceeds 50%," the watchdog highlights.
The regulator does not call the exact platforms that use fake volumes to attract new clients though.
Earlier iHodl reported that the People's Bank of China (PBoC), the country's central bank, received a $4.7M investment from the country's central government for its blockchain trade finance platform.
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