Express
Chinese Bank Accounts Frozen Over Potentially Illicit Cryptocurrency
Summary: Thousands of Chinese bank accounts may have been frozen over yuan that could have been converted from cryptocurrencies involved in illegal activity, manager of an OTC desk and former staff member at a Chinese crypto wallet startup called Bixin, Sun Xiaoxiao wrote in a Weibo post on Friday. The owners of the accounts that have ...
Thousands of Chinese bank accounts may have been frozen over yuan that could have been converted from cryptocurrencies involved in illegal activity, manager of an OTC desk and former staff member at a Chinese crypto wallet startup called Bixin, Sun Xiaoxiao wrote in a Weibo post on Friday.
The owners of the accounts that have been frozen may not be guilty of illicit activity, but if their accounts hold questionable currency they may be frozen. Xiaoxiao wrote in a follow-up post that it is unusual for people's accounts to be frozen over corrupt cryptocurrency.
Causes for the account freezes may include telecommunications fraud, ponzi schemes, or casino bussinesses, Xiaoxiao wrote.
By Emily Mason
Tags: Fraud,Frozen accounts
Link: Chinese Bank Accounts Frozen Over Potentially Illicit Cryptocurrency [Copy]
