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China to Crack Down on Cryptocurrency Trading Loophole

  • New measures are aimed at blocking access to offshore venues
  • Country has already banned domestic digital-currency exchanges
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Why China Is Cracking Down on Cryptocurrencies

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China is opening a new front in its battle against cryptocurrencies, targeting platforms that allow the nation’s investors to trade digital assets on overseas exchanges, people familiar with the matter said.

Regulators are planning to scrutinize the Chinese bank and online-payment accounts of businesses and individuals suspected of facilitating trades on offshore cryptocurrency venues, the people said, asking not to be identified because the information is private. The accounts’ owners could have their assets frozen or be blocked from the domestic financial system, the people said.