Chinese Authorities Decide to Block Cryptocurrency Exchanges' Social Media Accounts
China has definitely become one of the least friendly countries in the world for cryptocurrencies. After taking a series of measures against this market, Chinese authorities have decided to start blocking cryptocurrency exchanges from using social media accounts.
Cryptocurrency exchanges' social media accounts are being blocked by Chinese regulators
So, regulators in China have already moved to block some social media accounts that are operated by cryptocurrency exchanges. These exchanges continue to offer services to Chinese customers, although authorities have imposed restrictions on cryptocurrency trading.
Local media reported that one of the platforms that has been targeted by authorities is WeChat. The social messaging platform, which is actually quite popular in China was ordered by authorities to shut down the accounts of several digital currency exchanges. The authorities aimed this way to stop Chinese people from trading in cryptocurrencies.
An important thing to mention in this context is that Chinese authorities have forced cryptocurrency exchanges to shut down in September. The action targeted exchanges that offer fiat-to-cryptocurrency trading. However, despite the action of the authorities, it had been reported that some investors were still able to trade.
Apparently, some platforms used social media with the purpose to find trading partners and complete transitions, so there is no wonder that authorities have moved to impose this shut down. And that is not all. Reportedly, authorities have also asked banks to suspend service to clients who have engaged in cryptocurrency trading.
For the moment, it is unclear if all WeChat accounts owned by exchanges have been shut down.