China moves to block online payments for cryptocurrency on overseas exchanges

China is tightening regulations on cryptocurrency. According to local media reports, the National Internet Finance Association of China will regulate 124 cryptocurrency trading platforms whose servers are all overseas, inspect and shut down domestic initial coin offering or trading platforms, WeChat accounts, and limit their access to payment.

Pan Gongsheng, deputy governor of the People’s Bank of China said that after China’s crackdown on cryptocurrency and ICO, some of the domestic institutions simply moved their business abroad and kept providing services to Chinese residents, which is illegal and already been banned.

Apart from monitoring overseas service providers, China’s regulatory parties also seek to conduct further investigations against platforms. The recent shut-down of some blockchain WeChat official accounts is part of the process. According to Tencent, these were releasing information on cryptocurrency trading or trying to launch their own ICO via WeChat payment system.

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