Chinese police are reportedly expanding their internet monitoring to include international cryptocurrency-related activities.
According to the business news publication Yicai, China's national security surveillance agency under the Ministry of Public Security, the country's police are closely monitoring foreign cryptocurrency exchanges, as well as local platforms that have moved overseas.
The report said such measures are part of government efforts to prevent potential money laundering, pyramid schemes and fraud from platforms available to Chinese investors.
Recall that last September The People's Bank of China has banned ICOs and prohibited exchanges from converting fiat into cryptocurrency. After the ban, ICO organizers and cryptocurrency exchanges switched their attention to foreign platforms. Chinese regulators continue to warn about the risks associated with cross-border cryptocurrency exchange activity.
As reported by CoinDesk, the China Internet Finance Association, a self-regulatory organization under the People's Bank of China, in early January spoke out against “disguised” ICO activity that has moved overseas and is still available to domestic investors.
In a January 19 statement, the country's Ministry of Public Security noted that the agency intends to eliminate the cryptocurrency exchanges it considers financial pyramids.
According to https://www.coindesk.com
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