1 August 2026
Legal Crypto Account Holder Will Not Get Their Account Freeze
There were rumours spread that banks in China are shutting the accounts of clients who are suspected to have invested or traded in cryptocurrencies.
The China Times report that the country's banks have explained that they are closing down any authentic fiat to cryptocurrency accounts.
In response to this, China Merchants Bank, Agricultural Bank of China, industrial and Commercial Bank of China, Bank of China and China Construction Bank stated, “As long as the operation is legal, the channel is legal, the virtual currency source is legal and if the web page also supports the bank card service, the bank will not actively freeze the user’s funds. Unless there is any involvement of money laundering and fraud and other illegal related cases.”
The scrutiny noted that OTC (over-the-counter) trades that back Alipay, WeChat, and popular banks’ bank card accounts do not display any caution message while carrying out transactions.
The executive of Alipay management fund security division said,
“As long as there is Alipay payment page, and must be legal operation, it will not involve funds freeze, account freeze and other issues.”
Although, the legal cryptocurrency accounts will not be frozen but industry insiders have told investors and crypto enthusiasts to use a different account for cryptocurrency-related activities.
“It’s better not to use bank cards with important uses to purchase cryptocurrencies, such as deduction cards and wage cards related to mortgage and car loans.”
Alipay prohibited trades linked to Bitcoin and other cryptos. Back in 2017, the authorities in China announced a ban on crypto-related activities, including the operation of cryptocurrency exchange, and went to the extent of clamping down all activities pertaining to cryptos, including trading, within the country. However, in May the leading crypto exchange that shares cryptocurrency trading prices live- Binance has registered a new domain under the country’s jurisdiction.
Explore related on CoinsCapture
Topics
Discussion
0 comments