2018.01.1520:04:00UTC+00China Intensifies Clampdown on Cryptocurrency Trading

Chinese authorities are heightening their crackdown on cryptocurrency trading by targeting online platforms and mobile applications that offer exchange-like services, according to sources.

While authorities illegalized digital currency exchanges last year, they have recently noted a surge in activity in alternative channels. The government is planning to block local access to domestic and offshore trading platforms that allow centralized trading, people familiar to the matter said. They did not disclose specific details about how policymakers define such platforms.

Authorities are also looking to target individuals and firms that provide market-making, settlement and clearing services for centralized trading, sources said. Small peer-to-peer transactions will be excluded from the crackdown, they added.

Bitcoin declined 1.2 percent to $13, 580.50 in London.

The Chinese government's continuing clampdown has jolted bitcoin markets around the world and other cryptocurrencies' markets over the last few months. Regulators around the world are also bolstering scrutiny of digital tokens amid worries over excessive speculation, money laundering and tax evasion.