{"id":1704,"date":"2018-03-01T11:47:34","date_gmt":"2018-03-01T11:47:34","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=1704"},"modified":"2018-03-01T11:47:34","modified_gmt":"2018-03-01T11:47:34","slug":"china-to-target-domestic-crypto-traders-on-overseas-platforms-report","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/china-to-target-domestic-crypto-traders-on-overseas-platforms-report\/","title":{"rendered":"China to Target Domestic Crypto Traders on Overseas Platforms: Report"},"content":{"rendered":"

In what could cement China\u2019s final crackdown on cryptocurrencies, regulators are targeting domestic investors who continue to partake in crypto trading via offshore cryptocurrency platforms,\u00a0Bloomberg<\/a>\u00a0reports. Citing discreet sources, the report claims that authorities could scrutinize bank and online-payment accounts belonging to individuals and businesses who have circumvented China\u2019s ban on domestic crypto exchanges by tapping into overseas exchanges.<\/p>\n

The report added:<\/p>\n

\u201cThe accounts\u2019 owners could have their assets frozen or be blocked from the domestic financial system.\u201d<\/p><\/blockquote>\n

The reported move comes within weeks of a report by a newspaper run by China\u2019s central bank that called for an\u00a0effective ban and blockade\u00a0of foreign cryptocurrency exchange websites to keep investors from participating in trading and ICOs.<\/p>\n

China was previously the world\u2019s largest trading market for cryptocurrencies up to turn of 2017 before Chinese authorities led a crackdown beginning with\u00a0on-site inspections\u00a0of exchanges that ultimately led to their\u00a0shuttering\u00a0in September 2017. The global trading volume of cryptocurrencies in Chinese renminbi (RMB) fell from over 90% at China\u2019s peak dominance to less than 1%, the PBOC-affiliated earlier stated this month.<\/p>\n

The crippling curbs have led to an exodus of Chinese cryptocurrency industry, particularly miners, who have relocated to friendlier jurisdictions in\u00a0Canada<\/a>\u00a0and\u00a0Switzerland<\/a>.<\/p>\n

By targeting Chinese citizens continuing to purchase and trade cryptocurrencies, China\u2019s crackdown is perhaps nearing its final gong. The country\u2019s influence on global crypto markets, however, are irrelevant at this juncture. Global cryptocurrency markets at the turn of 2017, prior to China\u2019s hostile moves, were valued just under $20 billion. A year later in January this year, the overall crypto market cap reached an all-time high of $795 billion.<\/p>\n

\"\"<\/p>\n

Featured image from Shutterstock.<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

In what could cement China\u2019s final crackdown on cryptocurrencies, regulators are targeting domestic investors who continue to partake in crypto trading via offshore cryptocurrency platforms,\u00a0Bloomberg\u00a0reports. Citing discreet sources, the report claims that authorities could scrutinize bank and online-payment accounts belonging to individuals and businesses who have circumvented China\u2019s ban on domestic crypto exchanges by tapping …<\/p>\n","protected":false},"author":1,"featured_media":1705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pgc_meta":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[15,20],"tags":[],"aioseo_notices":[],"yoast_head":"\nChina to Target Domestic Crypto Traders on Overseas Platforms: Report - AtoZcrypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/atozcrypto.org\/china-to-target-domestic-crypto-traders-on-overseas-platforms-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China to Target Domestic Crypto Traders on Overseas Platforms: Report - AtoZcrypto\" \/>\n<meta property=\"og:description\" content=\"In what could cement China\u2019s final crackdown on cryptocurrencies, regulators are targeting domestic investors who continue to partake in crypto trading via offshore cryptocurrency platforms,\u00a0Bloomberg\u00a0reports. 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