Chinese officials will not only block access to local and offshore platforms that provide centralized trading, but will target those who have taken to Telegram and other OTC avenues to provide bids and offers for the cryptocurrency.
Chinese authorities plan to widen their crackdown on domestic crypto-trades, by targeting methods including over-the-counter trading, offshore sites used for centralized trading, and peer-to-peer trading of large transactions, according to a report from the state-run Securities Times (link in Chinese) published yesterday (Jan. 16). The report cited an anonymous person close to the Leading Group of Internet Financial Risks Remediation, the country’s top internet-finance regulator. It didn’t specify how authorities will define these platforms or carry out such crackdowns. Citing unnamed sources, Bloomberg also reported the same day that officials will block domestic access to local and offshore platforms that provide centralized trading, and target people who provide bids and offers for crypto trades in large amounts. Bitcoin’s price fell to the lowest level in more than a month over the news.