Chinese banks say they won’t freeze legal accounts

It is rumored that Chinese banks are freezing the accounts of customers who have a history of buying and selling cryptosystems. According to a report by Chinatimes on June 13, banks in China have made it clear that they are not closing any accounts used for the trade in crypto-currencies as long as they are legal.

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According to the report, the China Merchants Bank, Bank of China, Agricultural Bank of China, Construction Bank of China and Industrial and Commercial Bank of China responded that

„As long as the operation 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’s some involvement with money laundering, fraud and other related illegal cases.“

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The research found that over-the-counter transactions supporting Alipay, WeChat and major bank card accounts show no risk warning reminder when making transactions.

Alipay’s management fund security department staff commented that

„As long as Alipay’s payment page exists, and it is a legal operation, it will not involve the freezing of funds, the freezing of accounts and other matters.“

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Although no legal crypto account would be closed, industry insiders still reminded people to use or open a separate account for the crypto trade. They added that:

„It is best not to use bank cards with important uses for buying cryptosystems, such as deduction cards and salary cards related to mortgage and car loans.“

As Cointelegraph reported last year, Alipay banned transactions involving Bitcoin Rush and other cryptomonies. In September 2017, Chinese regulators banned the exchange of national cryptosystems and sought to crack down on all domestic cryptosystems trade. However, last month Binance registered a new domain name with the Chinese government.