Largest Chinese Bank Bans Bitcoin from its Accounts
Chinese banks‘ Bitcoin crackdown continues with ICBC’s prohibition of all Bitcoin-related activities using its accounts yesterday. The move places ICBC, China’s largest banking corporation, in line with ten other institutions which have disallowed customers to use their accounts for the purposes of Bitcoin trading. “Safeguards”. In a statement, ICBC commented, “Any institution or individual must not use accounts set up with our bank for the deposit and withdrawal … and transfer of funds for Bitcoin and Litecoin trading,” China Post reports. It is rules such as these which, aside from....
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More Chinese banks are announcing they will close accounts related to bitcoin business, in advance of the still-not-publicly-announced prohibition by the People's Bank of China (PBOC). The latest to make a statement is a significant one - the Industrial and Commercial Bank of China (ICBC) is not just the biggest in China, but the largest bank in the world by total assets and market capitalization. In a statement, the ICBC said: "From this date, any institution or individual must not use accounts set up with our bank for the deposit and withdrawal and transfer of funds for Bitcoin and....
The latest Bitcoin news from China is in. A handful of Chinese banks have decided to kick off the week by unilaterally banning Bitcoin-related accounts. Tuesday morning in China, Ping An Bank and China Everbright Bank both posted notices to their website announcing that they would suspend accounts of individuals or organizations caught participating in Bitcoin or Litecoin transactions. Both banks explicitly mentioned the PBOC as the source of this decision. Also, both banks call for the public at large to report any individuals or organizations that might be involved with Bitcoin or....
The Agricultural Bank of China, one of the Big Four Chinese Banks, has begun notifying its Bitcoin Exchange clients of upcoming changes to policy. The other 3 “Big Four” banks in China are: The Industrial and Commercial Bank of China, China Construction Bank, and Bank of China. By market capitalization, the Industrial and Commercial Bank of China is the largest bank in the entire world, according to Relbanks 2013 statistics on largest banks in the world. The Agricultural Bank of China is the 6th largest bank in the world by the same measure, outstripping all American Banks besides Wells....
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