China to add offshore cryptocurrency exchanges and OIC websites to its grandparent – fire, reports Monday, February 5, citing a publication affiliated to the People's Bank of China (PBoC).
Regulators in China reportedly expressed dissatisfaction with the current measures restricting trade on domestic trading sites, deciding to block foreign sites as well "Financial risks".
In January, a new wave of repression in Beijing saw the banning of commercial platforms such as P2P and OTC resources, adding a general embargo on crypto- fiat. negotiation and ICO in place since September 2017.
At the same time, mixed signals were given on the status of cryptocurrency extraction, while Monday's website block comes after Cointelegraph reported that crypto-currency ads had virtually disappeared from domestic sites in China.
Legislators now say they want to counter circumstantial measures by traders seeking to circumvent the trade ban by using foreign platforms.
"To prevent financial risks, China will step up its measures to remove any onshore or offshore platform related to virtual currency trading or ICOs," according to the South China Morning Post citing the publication related to the PBoC. The quote continues:
"The ICOs and the virtual currency trading have not completely pulled out of China following the official ban … Transactions Abroad and regulatory evasion resumed … [R]and even fraud and pyramid selling. "