China Frozen Bank Account Controversy: Affected Clients Injured During Protes...
Some Chinese bank clients, whose accounts were frozen in April, were injured while staging a protest at the Zhengzhou branch offices of the country’s central bank. Reports from local media outlets suggest that as much as $6 billion in client funds is missing and the individual believed to be behind the disappearance is now outside China. Internal Systems Upgrade Chinese residents protesting the freezing of their accounts by three banks in Zhengzhou, are reported to have stormed the branch offices of the central bank on Sunday, July 10. Reports say some of the protestors....
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In a move seen as an attempt to pacify protesting bank clients, Chinese authorities in Henan province announced their latest repayment plan which sees customers with deposits ranging between $14,827 and $22,240 qualify for reimbursement. In addition, authorities said two unnamed officials from the province are being investigated for allegedly violating the law.
Reimbursements Set to Commence in August
Authorities in China’s Henan province have reportedly announced plans for another round of repayments to clients of rural banks whose bank accounts have been frozen since....
Kraken said it froze account access to certain funds “we suspect to be associated with ‘fraud, negligence or misconduct’ related to FTX.” United-States-based cryptocurrency exchange Kraken has frozen the accounts associated with “FTX Group, Alameda Research, and their executives,” on its exchange after engaging with authorities. In a Twitter post on Nov. 13, Kraken said the accounts were frozen “to protect their creditors” and added it “maintains full reserves” and other users' funds aren’t affected, likely seeking to stamp out fears from users that the exchange might face liquidity issues....
A bitcoin trader has been complaining about how he had thousands of pounds of cash seized under legislation that is usually used to target drug dealers. Back in May, Max Flores a 27-year-old Bitcoin trader from Glasgow saw his Bank account frozen. He was then informed the account was being closed and was scheduled to come and collect his funds. Max went on to retrieve his funds and to understand what was happening but when he got there, he was stopped by the Scottish police who told him it was seizing his cash under proceedings of crime legislation. Max Flores commented: "The bank only....
The story of BTC China has been an interesting one. This exchange went from nobody's talking point to the largest bitcoin exchange in the People's Republic of China in a matter of weeks. That is, until, they stopped accepting bank deposits. Many were convinced it was the end of BTC China's short, short history. Unlikely. The exchange has once again begun accepting bank deposits with its corporate bank account, according to a number of user reports and confirmation from the company's head honcho. "Previously, we judged doing this as not being viable, however, we have since changed our....
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....