Chinese Government To Close 124 Offshore Cryptocurrency Exchanges

Chinese Government has started taking initiatives for the crackdown of more than 120 offshore cryptocurrency Exchanges which are still available for access in the country following countrywide ban.

As per the local news, South China Morning Post, the ‘Leading Group of Internet Financial Risks Remediation’ — an organisation founded in 2016, and has the top central bank officials of the country, would be beginning on the crackdown with blocking all the IP addresses concerned with 124 cryptocurrency.

From February this year, the People’s Bank of China (PBoC), has been launching new measures to weed out the local cryptocurrency trading industry, which inspite of the nation-wide ban from September 2017, still continues to thrive.

The current actions seems to be in the continuation of the systematic crackdown from the Chinese authorities. In lieu with this crackdown, authorities in Beijing Last Friday,  circulated an order barring public venues such as shopping malls and hotels from hosting cryptocurrency-related events.

On the same not, Wechat, Chinese social media giant, shut down social media accounts of more than eight blockchain and cryptocurrency media outlets for violating internet censor regulations.

As per some experts, although these actions doesn’t seem to be very serious in isolated case basis but could lead to a forecasted crackdown to mark the one year anniversary of China’s Cryptocurrency and ICO ban.

Last month also, the PBoC consolidated it’s commitment for ‘Vigilance’, for closing the lid on foreign ICO’s, which have been marked illegal in China.

Even after such a stringent ban, ICO scams still have been the part of the underwhelming Chinese cryptocurrency sphere shelling out hundreds of millions of dollars from Chinese investors. As in recent example, Shenzhen Puyin Blockchain Group raised $60 million in three rounds of ICO, touted as one of the biggest scam in the mainland this year.

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