China Increases Pressure On Crypto Traders

Markets tumbling under Asian trade today as fear escalate for further clampdowns across the region. The authorities in China are working to prevent their citizens from shopping in crypto curves, which may have triggered a panic wave that is sold across the board.

According to reports, the Chinese government plans to expand its breakdown of domestic crypto trading by targeting methods to do so, including over-the-counter trading, offshore sites used for centralized trading and peer-to-peer trade with large transactions.

China Increases Pressure On Crypto Traders

It is not the first time China has cracked down on crypto. A ban on exchanges in September sent the markets into a free fall, but they soon recovered. A recent clampdown on Bitcoin mining created an exodus as China-based companies and mining syndicates moved their operations to friendlier countries.

A number of China’s major crypto exchanges, such as Huobi and OKCoin, shifted operations overseas to Hong Kong where more freedom is granted. Huobi is also planning to set up two crypto exchanges in Japan, which is far more open to cryptocurrencies this year.
_{Read more: scoop.co.nz}