China Times: Banks Deny Allegation of Massive Ban Over Crypto Purchase
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June 15, 2020

Chinese banks including China Merchants Bank, Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China disproved massive ban on financial services for clients who want buy or sell cryptocurrencies.

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In a response to China Times's request regarding the massive freezing of bank accounts, the banks' representatives said the financial institutions do not freeze accounts as long as financial operations do not involve illegal activity such as money laundering and fraud.

"As long as the operation is legal, the channel is legal, the virtual currency source is legal, no user's funds will be frozen unless it involves such as money laundering and fraud," the banks' representatives said.

Thousands of cryptocurrency over-the-counter traders in China earlier reported their bank accounts were banned as a result of a police raid over an alleged crypto-related Ponzi scheme.

It is still unknown under which circumstances more than a thousand bank accounts in China had been frozen.

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In May, authorities in the Chinese province of Yunnan increased pressure on the business related to cryptocurrency mining.

iHodl previously reported that the administration of the Dehong Dai and Jingpo Autonomous Prefecture in western Yunnan discussed the closure of cryptocurrency mining farms on its territory.

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