4,000 Chinese Bank Accounts Reportedly Frozen Due to Crypto Connections
About 4,000 Chinese bank accounts of over-the-counter cryptocurrency traders were allegedly frozen by law enforcement.
Around 4,000 Chinese bank accounts of cryptocurrency traders have reportedly been frozen by local law enforcement.
According to a June 8 report by 8BTC, police froze the bank accounts of thousands of over-the-counter (OTC) traders from the Chinese province of Guangdong.
This purportedly comes as part of a wider investigation into illegal activities such as gambling and money laundering, which 8BTC states have been commonly facilitated by crypto OTC trading with the stablecoin Tether (USDT).
Per the report, authorities started freezing the bank accounts on June 4. One retail investor reportedly found his bank account frozen after buying cryptocurrency on a major, credible crypto exchange.
Frozen accounts are not guaranteed to be involved in illicit activities and can supposedly be restored after an analysis of their activities reveals no wrongdoing.
Local law enforcement is purportedly learning blockchain analysis skills in order to track on-chain crypto asset transactions.
Readmore: https://cointelegraph.com/news/4-000-chinese-bank-accounts-reportedly-frozen-due-to-crypto-connections