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Banks in China have said they won’t be freezing cryptocurrency accounts that are legal

Banks in China have said they won’t be freezing cryptocurrency accounts that are legal
  • Rumours are going around the industry saying that banks in China are freezing their clients' accounts that have a history of buying and selling cryptocurrencies.
  • According to a report released on the 13th of June, banks in China have made it clear that they are not shutting down any legitimate Fiat to crypto accounts.

Rumours are going around the crypto industry saying that banks in China are freezing their clients' accounts that have a history of buying and selling cryptocurrencies. According to a report released on the 13th of June last week, banks in China have made it clear that they are not shutting down any legitimate Fiat to crypto accounts. According to the report, China merchants bank, bank of China and so on have all responded saying the following:

"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."

An investigation looked into the matter and found that over-the-counter transactions that support Alipay, as well as banking card accounts of major financial institutions, don’t show any risk warning when it comes to operating transactions. Management fund security department of Alipay has said the following:

"As long as there is Alipay payment page, and must be legal operation, it will not involve funds freeze, account freeze and other issues."

Even though crypto accounts that are legal would not be shutting down, insiders of the industry have still made it clear that people should use an open separate account when it comes to their cryptocurrency trading.

"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.”

For more news on this and other crypto updates, keep it with CryptoDaily!

 

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