AgBank falls in step with China's cryptocurrency crackdown
Agriculture Bank of China (AgBank), the country’s third largest lender by assets, said on Monday that it was following guidance from the central bank to clamp down on cryptocurrency trading and mining activities.
AgBank is the first major state bank to make a public statement against cryptocurrencies after China’s State Council, or cabinet, last month vowed to crack down on bitcoin trading and mining activities.
Following a recent meeting with the People’s Bank of China (PBOC), Agbank said it would conduct due diligence on clients to root out illegal activities involving cryptomining and cryptocurrency transactions.
If a client is found to be involved crypto trading, its account would be immediately shut, and relationship cut, the lender said in the statement.
Bitcoin’s bull run globally had revived speculative trading in China, where people buy cryptocurrencies using yuan via bank accounts or payment platforms. Last month, three industry bodies issued a ban on crypto-related financial services.
AgBank also cautioned clients against crypto fraud, and asked them to report illegal activities, according to the statement, which was later deleted from the bank’s website.
Following a recent meeting with the People’s Bank of China (PBOC), Agbank said it would conduct due diligence on clients to root out illegal activities involving cryptomining and cryptocurrency transactions.
If a client is found to be involved crypto trading, its account would be immediately shut, and relationship cut, the lender said in the statement.
Bitcoin’s bull run globally had revived speculative trading in China, where people buy cryptocurrencies using yuan via bank accounts or payment platforms. Last month, three industry bodies issued a ban on crypto-related financial services.
AgBank also cautioned clients against crypto fraud, and asked them to report illegal activities, according to the statement, which was later deleted from the bank’s website.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.