Report: China to Focus on Crypto Online Platforms, Mobile Apps

In its quest to clampdown on cryptocurrencies, Chinese officials are now focusing on those using online platforms and mobile apps.

Word spread through the crypto world Monday that China is upping the ante when it comes to cracking down on cryptos.

It’s set its sights on online platforms and mobile apps that offer exchange-like services, reports Bloomberg. Chinese officials also plan to seek out individuals and companies that provide market-making, settlement and clearing services for centralized trading. The only ones not in Chinese regulators’ crosshairs, at least for now, are small peer-to-peer transactions.

This news comes on the heels of information we shared related to mining fees. ViaBTC recently announced it was raising fees considerably for some miners. Specifically, the company said that fees for some accounts would rise to 50% from 6%, and it’s all because of China.

The company said:

Due to recent policy changes, some of our long-term hosting partners are facing a crisis of farm closures as mining resources in Mainland China become more scarce, leading to rocketing costs of our cloud mining operation. To guarantee the long run of cloud mining, ViaBTC has no choice but to readjust our maintenance fees. 

China has banned ICOs and exchanges, and the actions mentioned in this story are likely to fuel banter that the country is anti-crypto. However, it must be noted that the People’s Bank of China has reportedly been testing prototypes for its own crypto.