China to Ban & Block Foreign Cryptocurrency Trading Platforms

China is apparently aiming to obstruct all websites, both home and overseas, related to cryptocurrency trading and first gold coin offerings (ICOs) in what may be the country's final crackdown on the industry.

Matching to a Sunday record by the Financial News, a newspapers run by China's central loan provider, authorities are apparently lining up lots of regulatory measures to further a crackdown on the cryptocurrency industry. The People's Lender of China (PBoC) started out ramping up its scrutiny against local exchanges in early on 2017.

As reported by state-funded website ThePaper.cn, an excerpt from this article by PBoC-affiliated article read:

"To avoid and mitigate financial dangers, authorities will take regulatory procedures against ICOs and digital currency exchanges outside and inside the country, like the banning of relevant businesses, banning and losing domestic and forex virtual money websites."

China first issued the 'Notice' of a sweeping ban on primary gold coin offerings on September 4, quickly followed by constraints to effectively shutter home cryptocurrency exchanges, mandating them to totally stop trading activities by Sept 30.

"After the clean-up and remediation, the trading level of digital currencies denominated in renminbi (RMB) slipped from over 90% of global trading level to significantly less than 1% at one time, greatly reducing the chance levels," the statement said.

Beijing's ongoing move to ban and censor access to local cryptocurrency businesses and international exchange systems respectively comes within weekly of China's internet financing connection learning that previous measures to eliminate investment funds into cryptocurrencies have failed. The power subsequently issued a public notice warning traders to be skeptical of dangers in abroad cryptocurrency trading and contribution in initial gold coin offerings (ICOs).

Relating to yesterday's record, China's central loan company has truly gone a step further in effectively building a firewall to keep local traders and traders from using websites of international cryptocurrency exchanges. Employing the regulatory blockade is performed with the 'spirit of the Notice', the publication added, confirming its studies that domestic investors had turned to overseas platforms after the local ban.

Pointing to Japan and Hong Kong as places for Chinese language cryptocurrency stock traders, the report said:

"Overseas orders, regulatory evasion, virtual forex trading and ICO activities have resurgence pattern. Take some overseas ICOs with home participation for example. The various risks and problems recognized in the "Notice" still exist, including illegitimate issuance, unrealistic items, fraudulence and even pyramid advertising, and it may be even more difficult for investors to recuperate the losses."

Such crippling curbs have previously seen a number of Chinese language cryptocurrency organizations and miners relocate to the likes of Switzerland and Canada, friendlier shores with an increase of embracive jurisdictions. China's influence on global cryptocurrency prices, meanwhile, is still on the wane.