China’s Crypto Community, Bad News Continues !

Blocking the public from accessing more than 120 exchanges, China has made an aggressive non-cooperative stands to crypto space.

Shanghai Securities News, a reports that the  authorities in the country have blocked citizens from accessing 124 domestic websites offering information on crypto trading and initial coin offerings (ICOs).

IP addresses of the websites in question have been blocked and in an effort by the central government to protect nation’s economic security, as authorities are concerned about the impact in the long run, while believing that the present blockage will minimise cryptocurrency use and speculation in the nation.

China aggressive posture towards this space began in  February 2018. Bitfinex, Binance, Huobi, and OKEx were blocked on the mainline. Since then Binance one of the largest exchange in the region,  move to green pastures with positive regulation and compliance laws as offered in Malta, where it has set office.

Since last September, 88 digital asset trading platforms and a further 85 ICO projects have been terminated in China, as regulators had outlawed initial coin offerings after claiming them to be an illegal process for raising funds.

As a result, the total trading volume of the yuan-Bitcoin trading has plummeted from a massive 90% to less than 5% of global Bitcoin trading.

Image Courtesy pixabay.com / freeiconspng.com

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