China Continues Its Crypto Crackdown, Blocks Public Access to Offshore Exchanges

2018-8-24 22:30

China has stepped up its crackdown on digital assets as it blocks the public from accessing more than 120 exchanges. Authorities are reportedly continuing to identify and police domestic websites offering information on crypto trading and initial coin offerings (ICOs).

The Bad News Continues to Come for China’s Crypto Community

According to a report in Chinese state media outlet Shanghai Securities News, authorities in the country have blocked citizens from accessing 124 websites associated with cryptocurrency exchanges based overseas.

The South China Morning Post stated that the measure is being led by people close to the Leading Group of Internet Financial Risks Remediation. This group is headed by Pan Gongsheng of the People’s Bank of China (PBoC) and was set up by the nation’s cabinet in 2016.

The IP addresses of the websites in question have been logged by authorities and will be blocked on the mainland going forward. This move is latest effort by the central government to minimise cryptocurrency use and speculation in the nation. It is believed that Chinese authorities are concerned about the impact that technological innovations will have on the nation’s economic security.

In related news, the Chaoyang District recently issued a notice forbidding hotels, office buildings, and other public places from hosting digital asset-focused promotional events. The document was leaked on August 17 and later confirmed by local authorities.

Following this development, eight cryptocurrency-orientated news outlets had their WeChat accounts terminated. The reasons cited for this sudden move is that said outlets had been violating newly issued rules from the Cyberspace Administration of China – the nation’s internet watchdog. The owners of WeChat, Tencent, have stated that the publications in question are guilty of publishing information publicising ICOs and encouraging speculation on digital assets.

This recent manifestation of the hostility towards cryptocurrencies in China actually began in February 2018. The state media reported that a blacklisting of cryptocurrency trading and ICO websites would be taking place this year. Since then, popular trading venues such as Bitfinex, Binance, Huobi, and OKEx, have been blocked on the mainline.

Previously, Chinese regulators had outlawed initial coin offerings after claiming them to be an illegal process for raising funds. This was shortly followed by domestic exchanges being ordered to cease all activity. Following the crackdown last September, 88 digital asset trading platforms and a further 85 ICO projects have been terminated in China.

Evidently, the stringent measures are succeeding since the total trading volume of the yuan-Bitcoin pair has plummeted from a massive 90% to less than 5% of global Bitcoin trading.

Featured image from Shutterstock.

The post China Continues Its Crypto Crackdown, Blocks Public Access to Offshore Exchanges appeared first on NewsBTC.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bit Public Talent Network (BPTN) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 BPTN

china crypto continues exchanges public crackdown blocks

Источник: newsbtc.com

china crypto → Результатов: 126


Фото:

As China Launches Fresh Attack On Crypto, Bitcoin Proponents Think It’s A Blessing In Disguise

As China Launches Fresh Attack On Crypto, Bitcoin Proponents assert Why It’s A Blessing In Disguise Why China’s fresh crackdown on crypto is the best thing to happen to the industry and will pay off significantly China has been a huge powerhouse in the cryptocurrency industry for much longer than many other countries have been. […]

2021-9-26 01:39


Dogecoin Price Drops Almost 10% Following China’s Crypto Ban

Dogecoin’s price has dropped almost 10% following China’s statement that crypto transactions and services are illegal in the nation. As China Declares Crypto Transactions Illegal, Dogecoin Plunges Almost 10% According to a report from Bloomberg, China’s central bank has put out a statement saying that all crypto transactions and services are illegal in the country.

2021-9-25 17:03


Фото:

What’s happening with crypto in China? 3 things investors should consider

It has been over two years since the People’s Bank of China (PBoC) effectively banned crypto exchanges and trading. Yet, China remains a key topic in the crypto space in 2020. Three important aspects of China’s crypto sphere investors have to consider are: the prosperous local bitcoin mining industry, rapidly growing blockchain development, and the […] The post What’s happening with crypto in China? 3 things investors should consider appeared first on CryptoSlate.

2020-1-14 00:00


Фото:

Is Crypto In China About To Hit A Brick Wall?

In two days, we have seen three significant news pieces out of China that all point towards an all out ban on cryptocurrencies from Chinese authorities. As it stands in China, some aspects of crypto are banned and others are totally legal, however it seems that new regulations are coming into force by the day, regulations that are going to put an awful lot of pressure on the crypto community within China.

2018-8-23 17:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin is Permitted by Law, Chinese Arbitration Court Says

The Shenzhen Court of International Arbitration recently issued a ruling saying there is no prohibition against Bitcoin ownership and transfer in China. The decision means that despite the ban on ICOs and virtual currency trading, Bitcoin and other cryptocurrencies are legally regarded as property in the country.