crypto trading industry in China

The PRC Ministry of Public Security announced the launch of a national campaign to prevent transactions and sell bank cards to combat telecommunications fraud. According to local journalist Colin Wu, the event will have “devastating” consequences for OTC cryptocurrency traders in China..

Fight against the sale of bank cards threatens the OTC crypto trading industry in China

As Wu explains, criminals in China often use cryptocurrencies to money laundering. OTC traders, on the other hand, are forced to buy bank cards as their names quickly end up on unwanted customer lists at banks.

Fight Against Bank Card Sales Threatens China's OTC Crypto Trading Industry The PRC Ministry of Public Security has launched a national campaign to prevent transactions and sell bank cards to combat telecommunications fraud. According to local journalist Colin Wu, the event will have “devastating” consequences for OTC cryptocurrency traders in China.

“National harassment can make a difference in China’s over-the-counter industry, but preventing black money from entering exchanges is not a bad thing for ordinary investors,” Wu explains. – Problem is that, that bans in China are often broader in scope, leading to the freezing of investors’ bank accounts for risk control reasons. “.

According to the statistics presented, since the beginning of the year, the Chinese authorities have investigated 155,000 cases of telecommunications fraud and arrested 145,000 suspects, an increase of 65.6% and 74.1% over the same period. last year respectively. More than 100 billion yuan ($ 14.8 billion) in payments were also frozen..

Earlier it was reported that traders’ accounts were being blocked due to foreign exchange irregularities based on a small number of corruption cases, but now it is clear that the reason lies in the national plan at the highest level, says Wu..

Fight Against Bank Card Sales Threatens China's OTC Crypto Trading Industry The PRC Ministry of Public Security has announced the launch of a national campaign to prevent transactions and sell bank cards to combat telecommunications fraud. According to local journalist Colin Wu, the event will have “devastating” consequences for OTC cryptocurrency traders in China.

“Industry insiders say the OTC market in soon harsh reshuffle awaits, but this is not a negative event for the cryptocurrency industry in the long term, ”he writes, adding that firms that have successfully survived this process will eventually be able to continue working in more favorable conditions.

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