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​Chinese policymakers intend to ban 124 cryptoexchanges

​Chinese policymakers intend to ban 124 cryptoexchanges
Aug 23, 2018 by Rico Wise

Financial policymakers of China have expressed their intentions of blocking over 100 foreign cryptoexchanges, which currently offer their services for those who reside in China.

Local media reports that so far the regulators have established 124 trading networks with foreign IP addresses but operating within the Chinese jurisdiction. The regulators are planning to keep up the crackdown on the cryptotrading operations in China, for which additional efforts will be taken for supervision of the cryptospace and further preventing Chinese residents from accessing foreign exchanges.

The Chinese policymakers are notoriously well-known for cracking down on anything crypto, banning any ICOs and cryptotrading activities within the jurisdiction of China. This led to some businesses shutting down, while others managed to re-establish their services abroad.

As of now, there seems to be no access to such major digital currency exchanges as Bitfinex, OKEx , and Binance.

The regulators have also promised to take down any Chinese webpages along with WeChat accounts, should they undertake in any cryptotrading or token sale services.

Tencent, the owner of the messaging application, has confirmed the received order to shut down the operations of such accounts permanently.

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