Regulators in China are planning to scrutinize the Chinese bank and online-payment accounts of businesses and individuals suspected of facilitating trades on offshore cryptocurrency venues, Blomberg reports, quoting people people familiar with the matter
According to the source, the accounts’ owners could have their assets frozen or be blocked from the domestic financial system, the people said.
The new measures are aimed at blocking access to offshore venues for buying digital assets.
The South China Morning Post reported earlier this month that China was going to block all websites related to cryptocurrency trading and initial coin offerings (ICOs) – including foreign platforms – in a bid to finally quash the market completely.
Some firms opened offshore platforms that enable Chinese citizens to buy cryptocurrencies via local bank and online-payment accounts after the authorities banned trading of Bitcoin (Bitcoin) and other virtual currencies on domestic exchanges last year.