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   649

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.

Poloniex to Suspend Operations for Few Hours

Representatives of the exchange say users' funds will be completely safe during maintenance
21 February 2019   55

The cryptocurrency exchange Poloniex has announced maintenance, which will begin on February 22 at 22 UTC. The trading platform will be unavailable for several hours.

Representatives of the exchange claim that the users' funds will be completely safe. Technical work associated with the modernization and transition "to the best data centers, which will increase the reliability of the platform and increase uptime."

Also in Poloniex noted that the trade orders of users will not be canceled.

Recall, recently Poloniex has added to the listing of privacy-oriented cryptocurrency Grin.