Foreign Crypto Exchange Platforms And Crypto-Related Events Banned In China

Chinese government officials issued a statement informing that all commercial activities related to cryptocurrencies, such as conferences, chats or forums, may not take place in hotels, shopping malls, or offices. The document, published by the government of Beijing’s Chaoyang district, orders local financial authorities and the police to ban such events that could promote the negotiation and exchange of cryptocurrencies. The measure also targets foreign crypto exchange platforms.

Local media, economists, and members of the Chinese Bitcoin (BTC) community broadcast, through social networks, the announcement that circulates since Wednesday. The new government measure could now be aimed at restricting the closest channels of communication among ecosystem enthusiasts, according to an analysis by Dovey Wan, director of Dhanua Capital, a California-based venture capital fund.

Wan explained that although the measure is being taken in Beijing’s Chaoyang district, the decision sets the tone at the national level, so there is no need for a new document to be published to stipulate this.

The announcement comes 24 hours after the WeChat messaging service, owned by Chinese mobile phone and Internet company Tencent, blocked accounts of blockchain and cryptocurrency companies in China.

China blocked the operation of foreign crypto exchange platforms

After banning the development of events related to cryptocurrencies and banning the crypto-related accounts in WeChat, the Chinese government also announced yesterday, August 23rd, that it is ready to block more than 120 foreign crypto exchange platforms operating in the country, which can be considered as a new governmental escalation to restrict the commercialization of cryptos.

The news was released by the Shanghai Securities News, an affiliate of local financial regulators, while other online news portals highlighted that the authorities would continue to monitor and shut down websites dedicated to crypto trading and the Initial Coin Offerings (ICO).

On the one hand, the Chinese government maintains strict control over the ICOs, which have been banned by the Central Bank, while on the other hand, it imposes severe restrictions on the crypto trade platforms operating across China.

However, the nation accepts blockchain technologies, as the president Xi Jinping said that DLT “accelerates progress in implementation and creates new areas in the life sciences.”

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