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The Chinese regulators are moving to block more than 100 cryptocurrencies from overseas to offer trading services to domestic investors.
Shanghai Securities Times, a spokesman for Chinese financial authorities, reported that Fintech's China National Risk Rectification Office has so far identified 124 trading platforms with IP addresses abroad but that are still available in the country.
The office now plans to step up its efforts in monitoring the commercial use of cryptocurrency and blocking internet access to these trading platforms, the report says.
Authorized in 2016 by the State Council of China, the National Fintech Risk Rectification Office is a government agency that aims to protect against financial risks related to issues such as peer-to-peer loan and cryptocurrency trading.
In September 2017, the People's Bank of China announced in particular a rule that prohibits the first offers of coins (ICO) and, in fact, encryption platforms in the country. Following the communication, the main China-based exchanges transferred their activities abroad.
Currently, Internet access to several major exchanges such as Binance, OKEx and Bitfinex does not seem to be available in China.
Today's report also said that the agency will permanently close national websites and official accounts on the WeChat messaging app if they are to provide encryption and ICO services.
The agency is also in talks with third-party payment providers who are required to monitor and block accounts that are suspected of handling cryptocurrency transactions, the report added.
Just two days ago, several Chinese cryptocurrency media were banned from operating on WeChat, as reported by CoinDesk.
WeChat Tencent owner confirmed Wednesday with the Caixin news source that the ban was instigated because it was discovered that the accounts had provided encryption and ICO services. Some have been ordered to close permanently, the report said.
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