China’s police force is reportedly extending its internet monitoring to include international cryptocurrency activities.
According to business news outlet Yicai, the internet monitoring unit under China’s police force has been closely watching foreign cryptocurrency exchanges as well as domestic platforms that have shifted overseas.
The report said the effort comes as part of the Chinese government’s efforts to prevent potential money-laundering, pyramid schemes and investment fraud from platforms that are accessible to Chinese investors.
It also marks as the latest news that signals China’s regulators are active at an executional level in scrutinizing cryptocurrency exchanges. The report further explained that the execution plan has came into effect since as early as September last year when People’s Bank of China (PBoC) has put out the notable ban on initial coin offerings (ICO) and ordered closure of fiat-to-crypto trading.
Following the clam-down, ICO organizers and crypto exchanges have shifted their focus to overseas platforms. And yet Chinese regulators have issued multiple warnings on risks associated with overseas cryptocurrency activities.
As reported by CoinDesk previously, China’s National Internet Finance Association, a self-regulator under the PBoC has stated strong words in early January against “disguised” ICO activities that went overseas and yet accessible to domestic investors.
Following that, the country’s Ministry of Public Security also said in a statement on Jan. 19 that the agency will put on top priority the crack down on pyramid schemes that involve cryptocurrency such as OneCoin.
China police department image via Shutterstock
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