China Is Reportedly Raising The Bar On Its Cryptocurrency Crackdown

China is targeting websites and mobile apps that offer cryptocurrency exchange-like services, it was reported Monday.

Beijing plans to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading, Bloomberg said, citing unnamed sources.

Chinese authorities will also target people and companies that provide market-making, settlement and clearing services for centralized trading, Bloomberg said. It did not described these plans in any further detail.

The country shocked the digital currency space in 2017 when it moved to ban initial coin offerings (ICOs) — a means for start-ups to raise funds by selling off new cryptocurrencies — and shut down domestic cryptocurrency exchanges.


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