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In a Crypto Crackdown, China Government to Block More Than 120 Offshore Exchanges

August 24, 2018 15:41
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A few days ago, we had reported that messaging application WeChat had terminated accounts of blockchain media houses, without any prior notice.

Now reports from the country state that the Chinese government may block more than 120 cryptocurrency exchanges that are based outside China. The news was confirmed by Shanghai Securities News, a state-run newspaper that has close affiliations with the country’s financial and markets regulators, on Thursday.

The report added that the authorities will continue to monitor and regulate  domestic websites related to cryptocurrency trades and initial coin offerings (ICOs), and ban payment services from accepting cryptocurrencies, including bitcoin.

The newspaper cited people close to the Leading Group of Internet Financial Risks Remediation, which was set up by China’s cabinet in 2016 and headed by Pan Gongsheng, a deputy governor of the People’s Bank of China – the country’s central bank, the South China Morning Post reported.

China’s aversion to cryptocurrencies is hardly a secret. Last year, the country had put restrictions in place to crack down on crypto trading. However, this year, the People’s Bank of China (PBoC) had revealed that they were open to experimenting with blockchain technology.

In February this year, the state media had reported that all activities and websites pertaining to cryptocurrencies and Initial Coin Offerings (ICO) would be shut down- including ones that are not based in the country. Exchanges such as Bitfinex, Binance, Huobi and OKEx, have since been blocked on the mainland.

According to reports from the country, since the crackdown swung into effect last year almost 88 cryptocurrency exchanges and 85 ICOs have been shut down. The fiat-to-crypto trading of yuan-BTC has slid from 90% to 5%.

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