China slows down Bitcoin trading

The Chinese regulator has again wreaked havoc on cryptocurrencies, this time it decided to block one of the most important Bitcoin exchanges: “Binance” (and its respective website). This has been reached by the local computer security system or firewall since July 8, he said. Criptonoticias.

Binance has not been the only exchange blocked, but also other bitcoin and cryptocurrency websites, such as Huobi, Kucoin, Okex, Poloniex, among others. Unlike these, the web pages of Kraken, Bittrex and Coinone do have direct access without the use of VPN.

Indeed, the address or URL of the exchange office is blocked on various servers in jurisdictions such as Beijing, Shenzhen, Inner Mongolia and other provinces; which is leading Binance users to use VPN services or virtual private networks for the respective accesses, and, in turn, Binance to use alternative emergency methods to evade government restriction.

This measure only reaffirms the stance of international regulators who are closely monitoring the operations of cryptocurrency exchanges. Specifically, Binance had been under investigation by the UK's Financial Conduct Authority (FCA) and the German Federal Financial Supervisory Authority (BaFin) for offering services related to tradable stock tokens.

For all the above, it is important that exchange houses reinforce security measures and seek to act by adequately managing their risks and coordinating their actions in accordance with the recommendations of the authorities, taking into account that they are increasingly alert to the level of their operations and the impact they have on the market.

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Erika Rios
Erika is a lawyer from the Peruvian University of Applied Sciences (UPC). He has experience in banking regulatory advice and financial transactions, mainly in financing with local and foreign financial entities. He currently works at Vodanovic Legal, an expert legal firm in financial law issues. He specializes in Banking Regulation and Fintech.

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