China’s Regulators Freeze Multiple Bitcoin OTC Accounts in Latest Crackdown on Cryptocurrency

China’s Regulators Freeze Multiple Bitcoin OTC Accounts in Latest Crackdown on Cryptocurrency

Dou Shicong

Date: Thu, 01/04/2018 - 17:40 / source:Yicai
China’s Regulators Freeze Multiple Bitcoin OTC Accounts in Latest Crackdown on Cryptocurrency
China’s Regulators Freeze Multiple Bitcoin OTC Accounts in Latest Crackdown on Cryptocurrency

(Yicai Global) Jan. 4 -- China’s financial regulators froze a number of Bitcoin over-the-counter, also known as OTC, trade accounts across the country, among which, those in the southern cities of Shenzhen and Guangzhou valued more than CNY300 million (USD46.1 million), while the northern Hebei province had more than 30 frozen accounts.

These frozen accounts may involve a number of cases, but the specific reasons are not clear, eeo.com.cn reported today, quoting insiders.

The People’s Bank of China, the central bank, held a private session yesterday to rectify bitcoin mines which don’t conform to regulations when using electricity, and asked local governments to guide enterprises for an orderly withdrawal from bitcoin mining.

China's financial regulators banned all bitcoin trade platforms in the country last September. However, as the price of bitcoin kept rising last year, China's over-the-counter transactions are still very active.

Follow Yicai Global on

Keywords: Bitcoin, Over-the-counter Trade, pboc, MINING