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How Brokers in China Feel After the Website Blocks

Jan 08, 2018

We have already informed you regarding the latest Chinese website restrictions that occurred due to lack of information towards the financial regulator. Soon after the government banned Bitcoin and other cryptocurrency exchanges, followed by the bans of other trade platforms. It affected all FX and trading platforms without ICP certificates.

Trading community stated that the access to brokers’ websites has been banned for more than a week already. However, different official announcements contain different information. Even though the traders confirmed that the regulator is taking measures to restrict the access to some platforms, many of them still work normally. Regarding the fact that the government and financial authorities of China are very strict, sometimes entrepreneurs suffer from the new regulations and restrictions. Nevertheless, they already have the experience and are prepared for the unforeseen circumstances.

According to the latest announcement, foreign trading platforms providing services to Chinese citizens are outlaw and they have to be shut down. On the contrary, the financial experts claim that this announcement is a fiction and has no real legal basis for now. This is why most brokerage services changed certificate options and restored access to platforms within hours after bans.

Unfortunately, it is not a panacea and most FX services are in danger now. If the financial regulator goes on with the new URL bans, this means full shut down and an official rejection of the international trading platforms. The Chinese market has never been easy to access due to the Great Firewall of China. However, many residents were eager to use offshore services as well as FX and brokerage services had a place on the market. This place was not the dominant one, but at the same time, audience that used financial services from across the border was stable and solvent.

Latest changes to the Forex and CFDs market are most likely due to changes in financial regulations of the China mainland. After the People’s Bank of China initiated creation of the National Internet Finance Association of China, many things have changed. Foreign exchanges became even more undesirable than earlier and it might cause problems for Chinese brokers as well.

Offshorelicense Ltd is aware that businessmen who work with Chinese trading platforms can face many difficulties. This is why we are always supplying the latest news and are always ready to assist you with consulting services and with moving your company in or outside China.

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