Online platform allows the Chinese public to report illegal crypto activities

Asia China

Chinese public now has a way to report illegal cryptocurrency activities, via a platform that allows Chinese residents to file complaints on a variety of financial activities.

The platform belongs to the People’s Bank of China-founded self-regulatory organization The China National Internet Finance Association (NIFA).

The token sales-related activities that can now be reported via the website vary from operating fiat-to-crypto and crypto-to-crypto exchanges to servicing token sales and goes as far as to list insurance services for cryptocurrency businesses as potentially illegal.

According to the NIFA website, the reports filed via the platform are then transferred to the authorities “which will take on further actions according to existing regulations upon receiving the reports,”

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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