October 14, 2019, 9:50

Chinese Police Control Cryptocurrency Exchanges Overseas – Reports

Chinese Police Control Cryptocurrency Exchanges Overseas – Reports

Chinese Police Control Cryptocurrency Exchanges Overseas – Reports
AFP 2018/ FRED DUFOUR Asia & Pacific10:25 01.03.2018(updated 10:26 01.03.2018) Get short URL150

China’s police have been closely following international digital currency exchanges in order to prevent fraudulent schemes.

China’s Public Information Network Security Supervision agency under the Ministry of Public Security is expanding its Internet monitoring to include foreign cryptocurrency activities, business news outlet Yicai reported.

The latest effort comes as part of China’s endeavors to avert potential money laundering, pyramid schemes and investment fraud from platforms accessible to Chinese investors.

According to the report, the execution plan came into force in September 2017 when the People’s Bank of China (PBC) clamped down on initial coin offerings (ICO) and ordered the closure of fiat-to-crypto trading. The harsh ban prompted ICO organizers and crypto exchanges to shift to overseas platforms.

In January, China’s National Internet Finance Association, a self-regulatory organization under the PBC, issued a warning on the risks associated with cryptocurrency exchanges, as well as denounced “disguised” ICO activities that have relocated to overseas and yet were accessible to domestic investors.

“[The] Internet Finance Association called for a vast number of consumers and investors [to] recognize the nature of the relevant model…to enhance awareness of risk prevention, rational investment…[and] not blindly follow the trend of speculation,” the group said.

Following the issued disclaimer, China’s Ministry of Public Security stated that it intended to crack down on pyramid and financial schemes that involve cryptocurrencies.

Sourse: sputniknews.com

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