Chinese Traders Will be Blocked From Foreign Exchanges

New actions of Chinese financial watchdog may have big influence on the local market
05 February 2018   465

The Chinese authorities intend to close access to all websites related to crypto trading and ICO, including foreign sites. This is reported by South China Morning Post with refenace to Financial News, a publication affiliated to the People’s Bank of China.

In its article Financial News recognizes that the recent attempt to limit the cryptocurrency trading has not been successful.

ICOs and virtual currency trading did not completely withdraw from China following the official ban ... after the closure of the domestic virtual currency exchanges, many people turned to overseas platforms to continue participating in virtual currency transactions. Overseas transactions and regulatory evasion have resumed ... risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling.
 

Financial News

Local trader has its own opinion.

It is common for people to use VPNs [virtual private networks] to trade cryptocurrencies, as many exchange platforms relocated to Japan or Singapore.I think the new move literally means it would be even harder to circumvent the ban in China...people promoting related business programmes may be arrested.
 

Donald Zhao
Individual bitcoin trader who relocated to Tokyo from Beijing late last year, following the ban

Chinese ICO market may also go down, ICO organizer believes.

[The tighter regulation from the PBOC will] definitely weigh on the cryptocurrency universe.
Most of the Chinese ICO projects are invested in by Chinese investors. So if they are blocked, the whole cryptocurrency market will be dragged down.
 

Wayne Cao
ICO organizer

ICO and cryptocurrency trading were banned in China last fall, but Bobby Lee, CEO of BTCC, said that this activity just went underground. In addition, many exchanges have been converted into peer-to-peer trading, helping buyers and sellers find each other.

Former SpaceX Engineer to Launch Crypto Exchange

Earlier CEO of LXDX Joshua Greenwald worked as the engineer on automation and propulsion systems at SpaceX
18 September 2018   92

The supplier of exchange technologies and services LXDX launches a new trading platform for digital assets. This is reported by the publication LeapRate with reference to the company's CEO Joshua Greenwald.

He said that the new platform will make institutional trade instruments available to a wide range of crypto traders.

Our immediate focus is on cryptocurrency and enabling every investor to utilize the exclusive tools, like smart order routing, that only institutions previously could access. When we built top tier infrastructure for traditional markets, our team solved many of the same problems facing cryptocurrency exchanges today. We are excited to bring a higher caliber of technology to cryptocurrency investors everywhere.
 

Joshua Greenwald

CEO, LXDX

The site will fully meet the requirements of KYC / AML.

Earlier Joshua Greenwald worked as the engineer on automation and propulsion systems at SpaceX. His startup received support from large investors, one of which was the venture fund Dymon Asia. In September, LXDX moved to Malta.