China said to block digital currency exchanges on social media

Written by: Michael Harris
March 6, 2018

China’s authorities have started blocking social media accounts held by digital currency exchanges that still offer services to local investors, Coindesk has reported, citing Chinese business news media outlet Caixin.

According to the Chinese publication, regulators have blocked some channels held by crypto exchanges on the popular social messaging app WeChat. Reportedly, OKCoin is one of the trading platforms affected by the move. Links to OKCoin’s previous content on WeChat are now reportedly showing the following notification:

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

“The platform may have violated relevant laws and regulations after being reviewed per users’ complaints. The account is currently blocked and content is not available.”

OKCoin, which was one of the largest cryptocurrency exchanges in China, launched a peer-to-peer trading platform in Hong Kong to continue is business in the wake of the government ban on local digital currency exchanges in September. It continued to offer services to Chinese customers, with its WeChat channel serving as a communication hub, where users could share trading information.

With regards to Huobi, another large crypto exchange that has an overseas trading platform available in mainland China, Coindesk reported that its WeChat account had not yet been shut down.

Meanwhile, Caixin adds in its report that China’s regulators are also looking to urge law enforcement agencies to further block the IP addresses of offshore digital currency exchanges.