LONDON: China is escalating its clampdown on cryptocurrency trading, targeting online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter.
While authorities banned cryptocurrency exchanges last year, they’ve recently noted an uptick in activity on alternative venues. The government plans to block domestic access to homegrown and offshore platforms that enable centralized trading, the people said, without being more specific about how policy makers define such platforms.
Bitcoin fell 1.2 percent to $13,580.50 at 11:36 a.m. in London, according to Bloomberg composite pricing.
The Chinese government’s rolling clampdown has roiled global markets for bitcoin and other digital tokens over the past few months. Regulators around the world are stepping up scrutiny of cryptocurrencies amid concerns over excessive speculation, money laundering and tax evasion.