Several bank accounts owned by crypto traders in China have been seized by the Chinese police due to suspicion of illegal activities, according to reports by the popular crypto media - Bitcoin.com.
It is written that the police force in the Guangdong province in China has been cracking down bank accounts of these supposed crypto traders after tracing OTC crypto transactions. Reportedly, four thousand bank accounts have been suspected and frozen, and thus, they can’t be used any longer due to the “money laundering” charges.
Due to how complex blockchain transactions could be, the police, in particular, have been educating themselves about blockchain and how to track on-chain transactions. That being said, they claim that the frozen bank accounts might be unfrozen if the police couldn’t find enough evidence of illegal activities on the chain.
It looks like this new crackdown is the continuation of the police effort against local cryptocurrency-related scams where previously some scammers launched a fake Huobi website to deceive naive investors in China. The Chinese government has long been accused of being discriminative toward cryptocurrency traders. However, the Chinese government has publicly stated that they actually support blockchain technology despite they are not very appreciative of cryptocurrencies.
Source: AsiaTimes
