China has a way for public to file complaints on illegal crypto-related activities

The China National Internet Finance Association (NIFA), a self-regulatory organization founded by the People’s Bank of China (PBoC), has added a “token sales” category to its platform that allows the public to report on potentially illegal financial activities.

Currently NIFA operates an online portal where individuals can file complaints or reports on suspect financial activities. Areas that have been on the association’s radar to date include peer-to-peer lending, internet insurance, equity financing and internet payments.

“This platform is responsible for gathering reports and complaints regarding internet financial activities and transferring to relevant government agencies, which will take on further actions according to existing regulations upon receiving the reports,” – NIFA states on its website.

The association has added “token sales” as a reporting option, whereby Chinese residents are able to file complaints on crypto-related activities defined as illegal by the PBoC in its ICO and crypto trading ban last year.

The activities listed on NIFA’s website include operating an exchange for fiat-to-crypto and crypto-to-crypto trading, directly or indirectly providing registration, trading, clearing and settlement services for token sales, and offering insurance services for crypto-related businesses.

Currently Chinese regulators are going to block more than 124 foreign crypto exchanges offering trading services to domestic investors. Additionally, on August 24, China’s regulatory agencies have jointly issued a warning against illegal fundraising and trading activities involving cryptocurrencies. The regulators warned the public against new fundraising methods other than initial coin offering – including “initial exchange offerings”, “initial fork offerings” and “initial miner offerings” – as ways to speculate on cryptocurrencies.

Leave a Reply

Your email address will not be published. Required fields are marked *