Chinese regulators will block more than 100 exchanges of Crypto Exchanges Access that are overseas, offering commercial services to domestic investors.
The Shanghai Securities Times reported on Thursday that China National Fintech Risk Rectification Office has identified 124 trading platforms with IP addresses abroad, that are still available in the country.
The office is now planning to intensify its efforts in the field of space surveillance and block access to those platforms, according to the report.
China National Fintech Risk Rectification Office, recognized in 2016 by the State Council of China, is a government agency that wants to protect against the financial risks associated with problems such as loans amid individuals and the trading of cryptos.
In September 2017, the People’s Bank of China announced a rule for the banning of ICOs and, in fact, cryptocurrency trading platforms in the country.
Following the announcement, the major Crypto Exchanges Access located in China at that time changed their activities abroad.
At present, Internet access to several major markets, such as Binance, Bitfinex, and OKEx, does not appear to be reachable in China.
Today’s report also indicated that the agency would permanently close the sites and official accounts on the WeChat messaging application if it offered ICO and cryptocurrency trading services (Crypto Exchanges Access).
The agency is also in discussions with outside payment service providers who need to verify and stop suspicious accounts to deal with crypto transactions, the report added.
Just two days ago, various Chinese cryptocurrency media outlets were barred from WeChat, according to CoinDesk.
The owner of WeChat, Tencent, confirmed on Wednesday with source Caixin that the ban was triggered because of findings that the accounts provided cryptocurrency and ICO services.
Moreover, some of them also strictly shut their operations permanently,
According to the report, With this action, it to have a huge impact on cryptocurrency transactions.
China intends to obstruct access to 124 foreign crypto exchanges. The China National Fintech Risk Rectification Office (NFRRO) has announced that it will block access to these exchanges, which are currently accessible to domestic investors through overseas IP addresses.
The NFRRO has not yet specified how it will block access to the exchanges, but it is likely to involve blocking their websites and preventing Chinese citizens from making payments to them.
The NFRRO’s announcement comes as part of China’s ongoing crackdown on cryptocurrency trading.
In September 2021, the Chinese government banned all cryptocurrency trading and mining activities.
The NFRRO’s announcement is likely to have a significant impact on the cryptocurrency market in China. It will make it much more difficult for Chinese citizens to trade cryptocurrencies, and it could lead to a decline in the value of cryptocurrencies in the country.
The NFRRO’s announcement is also likely to have a broader impact on the global cryptocurrency market. China is a major player in the cryptocurrency market, and its crackdown could lead to a decline in the value of cryptocurrencies worldwide.
It is important to note that the NFRRO’s announcement is just a proposal at this stage. It is not yet clear whether the government will implement the proposal, and if it does.
However, the announcement is a clear indication of the Chinese government’s stance on cryptocurrency trading, and it is likely to have a significant impact on the cryptocurrency market in China and around the world.
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