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China Will Inspect The Bank Accounts Of Cryptocurrency Traders

china inspects crypto traders

The Chinese authorities are going to tighten the policy for platforms that allow users to trade in cryptocurrency at foreign websites. 

According to Bloomberg, regulators intend to inspect accounts in Chinese banks and payment systems belonging to individuals and legal entities suspected of organizing trades on foreign cryptoexchange websites. The assets of these accounts owners may be blocked, and may be refused to them service.

The authorities argue that the measures taken should help reduce the number of possible options that Chinese citizens can resort to wishing to buy a cryptocurrency.

So, to bypass the ban on cryptotrading, some companies have opened offshore platforms that allow residents of the country to buy cryptocurrencies using bank accounts and payment apps. In particular, we can talk about bitcoin-exchanges Huobi and OKEx, which continue to bind sellers and buyers of cryptocurrencies.