Following reports that Chinese authorities are freezing bank accounts of cryptocurrency traders, five banks have reportedly clarified their policies. They confirmed that accounts with legal crypto transactions will not be frozen. However, some people claim that their accounts have been frozen without involvement in illegal activities.actions. China Merchants Bank, Bank of China, Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China responded the same way. The news outlet conveyed on Saturday:
Crypto Traders’ Bank Accounts Frozen
Chinese police have been freezing the bank accounts and bank cards of over-the-counter (OTC) cryptocurrency traders as they crack down on illicit activities involving cryptocurrencies. News.Bitcoin.com recently reported that about 4,000 bank accounts had been frozen in China’s Guangdong province. A few days later, local media reported that the police in Sichuan similarly froze the bank accounts of crypto traders and miners.