In China, they began to block bank accounts of bitcoin miners following the accounts of traders
The blocking of bank accounts associated with the cryptocurrency market continues in China. In addition to OTC traders, problems are now reported by “most bitcoin miners.” This information is given in its publication by the local English-language portal 8btc.
A miner from Siyuan told 8btc that his bank account was frozen at the request of police in Dongguan City in central Guangdong province. The police said by telephone that they were investigating a major case of fraudulent electronic communications. Holders of frozen accounts are not necessarily accused of anything wrong and will be able to regain access when the authorities are convinced that they are not involved in “dirty money”.
Earlier it became known that since June 4, about 4,000 bank accounts have been frozen. They are owned by OTC traders and their clients, who account for the lion’s share of cryptocurrency activity in China since centralized exchanges are banned here. Miners also use OTC services to sell their mined cryptocurrency..
According to rumors, the mass freeze of accounts is associated with the activities of an over-the-counter market maker, who was convicted of violating the law. At the same time, OTC transactions on major exchanges in the light of recent events are not as limited as some claim, writes 8btc. Large platforms have confirmed the fact of cooperation with the police and themselves agreed to block “suspicious traders” in order to avoid the spread of “dirty money”. Huobi Exchange said it has been developing a system since 2018 that has already helped Fujian and Hunan authorities in anti-fraud and money laundering operations..
One of the OTC traders said that the police check had been going on for several months and affected a fairly large number of market participants. Most of the accounts associated with one OTC team have been frozen, he said, citing it as the root cause of the current problems..
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