Chinese regulators are working towards blocking over 100 overseas cryptocurrency exchanges, the Chinese financial authorities recently reported through Shanghai Securities Times. The report stated that the China Fintech Risk Rectification Office has identified 124 platforms with foreign IP addresses and is going to block internet access to these trading platforms.
China National Fintech Risk Rectification Office is a government agency that aims towards regulating peer-to-peer lending and cryptocurrency trading.
ICOs and crypto trading platforms got banned in September 2017 in China which caused the trading platforms to operate from a different country or move overseas. Major blockchain exchanges like Binance, OKEx, and Bitfinex were noticed to be unavailable in the country.
CoinDesk reported that Chinese cryptocurrency media outlets were banned from operating on WeChat as well. Later it was revealed that the step was taken because they outlets were allegedly dealing and providing ICO services and was trading crypto.
The government agency is now planning on permanently removing all the accounts on WeChat app if they were found to be trading cryptocurrencies along with blocking internet access to the identified trading platforms still active in China.
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