China blocks 124 offshore cryptocurrency exchanges

It seems that the radar of the Chinese authorities has again detected illegal cryptocurrency companies. China has blocked access to the websites of 124 offshore cryptocurrency exchanges in the country, effectively shutting down their operations, the South Southern Morning Post reports.

According to the state-run Shanghai Securities News, authorities also continue to monitor and shut down the websites of domestic cryptocurrency exchanges and ICO companies, including companies accepting cryptocurrency payments.

In addition, China's leading social media platform WeChat recently banned several well-known cryptocurrency information platforms, alleging that they were creating hype around cryptocurrencies and ICOs in violation of Chinese law.

The Chinese central bank has not yet announced commented on the closure of exchanges, but it is believed that all these actions are related to ensuring financial stability in the country.

Recall that cryptocurrency exchanges and ICOs are prohibited in the country. Last September, authorities first banned ICOs and then all local and foreign cryptocurrency exchanges. However, despite the government's efforts, some companies continued to operate, and fraudsters still managed to commit a number of different crimes.

The extent to which the government's actions are advisable is not entirely clear, since most blocked sites can be easily visited using virtual private network (VPN) services and privacy-oriented browsers.

According to thenextweb.com