Chinese Government Blocks Cryptocurrency Exchanges on Social Media
The Chinese government is taking further action to block social media accounts of cryptocurrency exchanges still operating in the country. The move came as part of the long-running virtual currency clampdown.
Offshore Crypto Exchanges Blocked in China
Despite Chinese regulators attempts to restrict citizens from engaging in trading cryptocurrencies, individuals have still managed to gain access somehow.
Even with strict censorship on social media and search engines for terms like ‘cryptocurrency,’ ‘bitcoin,’ and ‘ICO,’ people have navigated access to a handful of different crypto services.
According to the Beijing-based media group Caixin, Chinese regulators have thus taken further action by shutting down crypto exchanges channels on WeChat, a popular social messaging app in the country.
After clampdown on cryptocurrencies in the country, crypto exchanges moved to different locations outside the country to operate their business. Many of them have chosen to move to the self-regulatory territory of Hong Kong.
One such example is OKex exchange, whose WeChat account was blocked. Now, OKex’s page on WeChat reads:
“The platform may have violated relevant laws and regulations after being reviewed per users’ complaints. The account is currently blocked, and content is not available.”
WeChat is one of the most popular standalone mobile apps that is host to around 600,000 mini-programs.
With about one billion active users and a myriad of different functions on its platform, it has been labeled as China’s “App for everything” and also a “Super App.”
After exchanges went offshore, the Chinese government lost complete control over exchanges. In response, the Chinese internet financial regulator blocked accounts of several overseas exchanges.
Chinese regulators have been very active in cracking down crypto businesses and warning citizens to stay away from trading. However, all attempts have failed to stop locals from participating in crypto trade.
As a last resort, in February 2018, the Chinese government planned to use tools to block access to overseas crypto exchanges and closet them from the chinese market.