Chinese government continues preventing online crypto-trading; it blocks the access to social media accounts of overseas crypto-exchanges.
In February Chinese government has already blocked access to overseas crypto-trading platforms. But the authorities found out that Chinese internet users can still access such platforms like Binance, Huobi and OKEx through social media accounts, without the use of a VPN to bypass the Great Firewall of China.
Media group Caxin, based in Beijing, reported that Chinese internet financial regulators have blocked access to accounts of some overseas bitcoin exchanges in the WeChat social media. Notable that WeChat is a very popular Chinese social media with more than 1 billion active users a month.
After Chinese government blocked online crypto-trading, many trading platforms left the mainland and went to Hong Kong or other countries to offer crypto-trading services to Chinese users. And the Chinese regulators want to get a full control on crypto currency exchanges and they are going to block all IP addresses of overseas cryptocurrency exchange platforms.
Below is given a comment of person related to the Chinese internet financial regulation agency: “The moment financial fraud is reported, the person in charge should be immediately arrested, no matter if it is domestic or foreign, all should be regulated. We are urging all relevant departments to further block the IP addresses of overseas cryptocurrency exchange platforms.”