RATE Group | China’s Crackdown on Cryptocurrency Trading: A 2019 Recap
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China’s Crackdown on Cryptocurrency Trading: A 2019 Recap

30 Dec China’s Crackdown on Cryptocurrency Trading: A 2019 Recap

Posted at 09:56h in Cryptocurrency News by

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While China has waged war on domestic cryptocurrency trading activities since 2017, this year saw it tighten the screws as hype around crypto’s underlying blockchain technology renewed interest in digital assets. Below is a summary of China’s difficult relationship with crypto and how it has evolved in 2019.

China does not like crypto trading

As Cointelegraph reported in September 2017, Chinese regulators placed a ban on local cryptocurrency exchanges, forcing them to close. Shortly after the ban, news broke that the government sought to crack down on all domestic cryptocurrency trading, not just commercial exchanges. 

At the beginning of 2018, local authorities also started taking action against market-making platforms and other “exchange-like” services that interacted with cryptocurrencies.

After finally completing the crackdown on local cryptocurrency trading businesses, China started adding offshore cryptocurrency exchanges and initial coin offering websites to its…

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