China to block access to foreign crypto exchanges, ICOs

Chinese authorities dissatisfied with the effectiveness of the current ban

China to block access to foreign crypto exchanges, ICOs

In an effort to step up its restrictions on cryptocurrencies, China will block foreign trading platforms and initial coin offerings, it has been reported.

Last September the People’s Republic banned domestic ICOs and ordered local cryptocurrency exchanges to shut down their operations. The decision sent shockwaves through the cryptocurrency market, but it also forced many Chinese investors to move their money to platforms based in countries with cryptocurrency-friendly regulation, such as Japan and Singapore.

Dissatisfied with the current measures, the Chinese authorities have decided to block all websites related to cryptocurrency trading and ICOs, the South China Morning Post reported earlier today, citing Financial News, a publication affiliated with the People’s Bank of China (PBoC).

“To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs,” Financial News wrote in an article published yesterday.

“ICOs and virtual currency trading did not completely withdraw from China following the official ban … after the closure of the domestic virtual currency exchanges, many people turned to overseas platforms to continue participating in virtual currency transactions.”

“Overseas transactions and regulatory evasion have resumed … risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling,” the article added.

A separate report by China’s official news agency Xinhua quoted a statement by PBoC, confirming that the local authorities intended to ban “all crypto-related commercial business including banning and blocking both domestic and offshore cryptocurrency trading platform websites”. The statement, which was published on cryptocurrency news platform 8btc, suggests that the regulator might introduce further measures in the future.

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