China To Crack Down on Cryptocurrency Trading Loophole

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China is opening a new front in its battle against cryptocurrencies, targeting platforms that allow the nation's investors to trade digital assets on overseas exchanges, Bloomberg reported Tuesday citing people familiar with the matter said. From a report: Regulators are planning to scrutinize the Chinese bank and online-payment accounts of businesses and individuals suspected of facilitating trades on offshore cryptocurrency venues, the people said, asking not to be identified because the information is private. The accounts' owners could have their assets frozen or be blocked from the domestic financial system, the people said. The measures are designed to cut off one of the few remaining avenues for Chinese citizens to buy digital assets. While the country was once home to the world's most active cryptocurrency exchanges, authorities banned the venues last year and have since moved to block access to platforms that offer exchange-like services.

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