China Bank Account Freeze Controversy: Authorities Reveal Latest Reimbursemen...
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....
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OKCoin, one of China’s so-called ‘Big Three’ bitcoin exchanges, has published new guidelines to adhere to AML requirements by regulators and authorities. The announcement, published on its China-based and international websites, comes amid the ongoing withdrawal freeze of bitcoin and Litecoin enforced by Chinese exchanges due to regulatory pressure from the People’s Bank of China, the country’s central bank. The guidelines read nearly identical for Chinese and international users. Roughly translated, the Chinese announcement begins: Considering from the perspectives of national Anti-Money....
According to a post today on Reddit, it would appear as if Chinese bitcoin exchange Huobi has made a modification to their account funding process. Previously, the exchange allowed consumers to fund their accounts with one of two options: Use Huobi CEO Thus Li Lin's personal bank account with China Merchants Bank (which allowed for ATM deposits and third-party transfers). Use Huobi's business bank account with China Construction Bank (does not support ATM deposits of third-party transfers). The aforementioned post indicates that the first option has been removed, stopping any interaction....
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....
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....
A Nigerian Federal Court judge recently ruled that the two frozen bank accounts belonging to Rise Vest Technologies, which is accused of trading cryptocurrencies, must be reopened. CBN’s Bank Account Freeze Order Dismissed In a ruling that overturns the Central Bank of Nigeria (CBN)’s August 17 decision to freeze the bank accounts, Judge Taiwo Taiwo is quoted by The Nation insisting that the central bank could not simply rely on a mere circular when deciding to close an account. In addition, the news outlet quotes the judge explaining in his ruling that the CBN’s....