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Chinese banks say they will not freeze legal accounts

June 15, 2020

Chinese banks are rumored to freeze the accounts of customers who have bought and sold cryptocurrencies in the past. According to a Chinatimes report dated June 13th Banks in China have made it clear that they will not close cryptocurrency trading accounts as long as they are legal.

Big banks react

According to the report, the China Merchants Bank, the Bank of China, the Agricultural Bank of China, the China Construction Bank and the Industrial and Commercial Bank of China replied as follows:

“As long as the process is legal, the channel is legal, the source of the virtual currency is legal, and if the website also supports the bank card service, the bank will not actively freeze the user’s funds unless there are implications with money laundering, fraud and other related illegal cases. “

More research

The investigation found that over-the-counter transactions that support Alipay, WeChat and the bank card accounts of large banks do not contain reminders of risk warnings during transactions.

Chinese banks say they will not freeze legal accountsChinese banks say they will not freeze legal accounts

Alipay Management Fund security staff commented:

“As long as Alipay’s payment page exists and it is a legal operation, it will not be about freezing funds, freezing accounts, and other matters.”

Although no legal cryptocurrency account would be closed, Industry insiders still reminded people to use or open a separate account to trade cryptocurrencies.. They added that:

“It is better not to use major-use bank cards to buy cryptocurrencies such as withdrawal cards, mortgage-related pay cards, and auto loans.”

As Cointelegraph reported last year, Alipay has banned transactions related to Bitcoin and other cryptocurrencies. In September 2017, Chinese regulators banned national cryptocurrency exchanges and tried to stop all national cryptocurrency trading. However, last month Binance registered a new domain with the Chinese government.