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China Cryptocurrency Trading Ban On Foreign Platforms

In addition to banning cryptocurrency trading platforms, China has also banned all ICOs as well. Back in September, China had issued an order to ban all domestic cryptocurrency exchanges in the country. This led to a widespread panic in the markets and resulted in a crash where Bitcoin’s price . The post China to Ban & Block Foreign Cryptocurrency Trading Platforms, ICOs: Report appeared first on CCN China is reportedly aiming to block all websites, both domestic and foreign, related to cryptocurrency trading and initial coin offerings (ICOs) in what could be . Feb 05,  · Cryptocurrency mining giant Bitmain plans up to US$3 billion IPO. Beijing states that it is not a currency, and prohibits banks and other financial institutes from trading in it. At the same time, the government acknowledges the cryptocurrency as a “commodity traded online” and allows the public to buy and sell it as they please, with its only proviso being that they do so at their own { "@Type":"Person", "Name":"Sidney Leng" }. Chinese citizens using offshore crypto exchanges to circumvent domestic bans are a factor in lawmakers’ new decision to block access to foreign platforms, local media William Suberg. China has blocked the websites that offer cryptocurrency trading and ICO websites. In the country, the cryptocurrencies ad relating to Bitcoin and other cryptocurrencies has scrubbed from search engines and social media in China. China has a long tradition of blocking unwanted foreign websites using the so-called Great Firewall of Bhuvana.

Regulators will block access to cryptocurrency trading websites that operate domestically, among other measures, the paper said, without providing further details.

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  • It may be even more difficult for investors to recover any losses. Domestic investors have increasingly turned to overseas websites and trading platforms since the government initiated a sweeping bans last year on fundraising through ICOs and investing in cryptocurrencies. Domestic exchanges were ordered to close, and in response, some moved overseas, to Singapore, Japan and Hong Kong, and continued to serve domestic investors and traders.

    But some companies continued to operate on the mainland by acting as market-makers and guarantors in over-the-counter trading, which was not explicitly banned. They allowed Chinese traders to buy cryptocurrencies using local payment methods, including Alipay and WeChat Pay.

    China to Block Domestic Traders From Foreign Cryptocurrency Platforms

    The regulations coming out now are about deepening implementation. Several official newspapers reported on Jan. On Jan. On Thursday, Shanghai-based cryptocurrency exchange platform Binance announced that it will no longer provide services to Chinese mainland users, while Hong Kong registered Kucoin.

    China to Ban Cryptocurrency Trading on Foreign Platforms

    The Financial News laid out the official stance on cryptocurrency trading. Caixin App Newsletter. By Wu Yujian and Liu Xiao.

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  • Regulators will block access to cryptocurrency trading websites that operate domestically, according to Financial News, a newspaper run by the People's Bank of China. Photo: VCG.

    China to stamp out cryptocurrency trading completely with ban on foreign platforms

    The authorities are now moving to close those loopholes. Contact reporter Liu Xiao liuxiao caixin. You've accessed an article available only to subscribers.

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