Chinese regulators are going to block more than 100 foreign crypto exchanges offering trading services to domestic investors.
On August 23, Shanghai Securities Times, a mouthpiece of the Chinese financial authorities, reported that the China National Fintech Risk Rectification Office has so far identified 124 trading platforms with overseas IP addresses but that are still available in the country.
The office now plans to step up its efforts in monitoring the space and to block internet access to these trading platforms.
The National Fintech Risk Rectification Office is a government agency that aims to protect against financial risk related to issues like peer-to-peer lending and cryptocurrency trading.
Currently, internet access to several crypto exchanges such as Binance, OKEx, and Bitfinex appears to be unavailable in China.
The report also said the agency will permanently shut down domestic websites and official accounts on the WeChat messaging app if they are found to be providing crypto trading and ICO services.
According to the report, the agency is also in talks with third-party payments vendors that are required to scrutinize and halt accounts that are suspected of handling cryptocurrency transactions.