Internet Finance Regulation Office: Continue to investigate and close down official websites and accounts involved in ICO and virtual currency transactions, and block servers on overseas platforms

Beijing News Express (Reporter Mi Di) Beijing News reporter learned from the National Internet Financial Risk Special Rectification Group Office (hereinafter referred to as the "Rectification Office") on August 23 that the next step will be to take necessary control measures on 124 virtual currency trading platform websites with servers located abroad; regularly investigate and close websites and public accounts related to domestic ICO and virtual currency transactions; at the same time, continue to strengthen the cleanup and rectification of virtual currency transactions from the payment and settlement end. In the next step, relevant departments will further take targeted cleanup and rectification measures to maintain financial order and social stability.

The preliminary cleanup and rectification of domestic virtual currency trading venues and ICO activities has achieved initial results. The above-mentioned person said that the 88 domestic virtual currency trading platforms and 85 ICO platforms identified by various localities have basically achieved risk-free exit; the proportion of Bitcoin traded in RMB has dropped from more than 90% to less than 5%, effectively blocking the negative impact of the sharp rise and fall of virtual currency prices on my country and avoiding a virtual currency bubble.

People from the Rectification Office said that in order to consolidate the results of the special rectification work and prevent and resolve financial risks, relevant departments will further take targeted cleanup and rectification measures to maintain financial order and social stability.

First, necessary control measures have been taken on 124 virtual currency trading platform websites whose servers are located overseas but which actually provide trading services to domestic residents. The next step will be to strengthen monitoring and block them in real time.

Second, strengthen the handling of newly identified domestic ICO and virtual currency trading related websites, public accounts, etc. Domestic ICO and virtual currency trading venue websites, public accounts, and public accounts, self-media and websites that provide support and services for the above activities that are discovered through regular investigations will be closed and sealed in a timely manner.

Third, we will continue to strengthen the cleanup and rectification efforts from the payment and settlement end. We have repeatedly interviewed third-party payment institutions and required them to strictly implement the requirement that they should not conduct business related to virtual currencies such as Bitcoin. We have guided relevant payment institutions to strengthen payment channel management, customer identification and risk warnings, establish a monitoring and investigation mechanism, and stop providing payment services for suspicious transactions.