Major Chinese banks are responding
According to a report by Chinatimes on June 13, China Merchants Bank, Bank of China, Agricultural Bank of China, Construction Bank of China and Industrial and Commercial Bank of China similarly argued that

„As long as the operation is legal, the channel is legal, the source of the virtual currency is legal, the bank will not freeze the user’s funds.“

With the caveat that: „Unless there is some involvement with money laundering, fraud and other related illegal cases“.

Although these banks confirmed that accounts in legal crypto currencies would not be frozen, some people claim that their accounts have been frozen without engaging in illegal activities.

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Police freeze accounts in crypto-currencies
Local police in Guangzhou, a city in Guangdong province, have been freezing the crypto accounts and bank cards of buyers, sellers and OTC market traders residing in China. The restrictive measure began last Thursday, he said.

It is important to note that, Crypto Genius are one of the few options available to users in China interested in exchanging digital currencies for trust currencies or cash.

According to available information, the measure comes as a result of a police investigation that suggests such transactions may have been for money laundering activities involving crypto-currencies.

However, frozen accounts are not necessarily involved in irregularities and can supposedly be unfrozen if the authority finds no evidence of illicit activity.

Users affected by these measures

There are reports of people who say they are not involved in any illegal activity but their bank accounts have been frozen.

One woman told Chinatimes that she used her bank card to buy crypto coins at a large Crypto Exchange. As a result, her account was frozen a week later. However, „I later learned on the Internet that many people had recently had their cards frozen.

Similarly, a Bitcoin miner whose bank account was also frozen shared his story: „I have been notified that I can thaw my account, with the ID card and related information.

Similarly, Lou Jiyue, the wife of Yi Lihua, an early entrepreneur in the money business and a digital investor, also spoke out, saying, „Many cards have been frozen recently. Why are my three cards frozen?