Ban Complete: China Blocks Foreign Crypto Exchanges To Counter ‘Financial Risks’

China will add offshore cryptocurrency exchanges and ICO websites to its Great Firewall, the South China Morning Post reported Monday, reported Feb. 5, quoting a publication affiliated with the People’s Bank of China (PBoC).For the sake of prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs,” the South China Morning Post quotes the PBoC-related publication as saying. The quote continues:

“ICOs and virtual currency trading did not completely withdraw from China following the official ban… Overseas transactions and regulatory evasion have resumed… [R]isks are still there, fuelled by illegal issuance, and even fraud and pyramid selling.”