China’s third-largest bank, the Agricultural Bank of China, has announced it is cracking down on cryptocurrency transactions.
Agricultural Bank of China (AgBank) is the country’s third-largest lender by assets, currently overseeing more than $4.20 trillion. The banking giant issued a statement prohibiting the use of its services for virtual currency transactions such as Bitcoin, following instructions from the People’s Bank of China (PBOC) to crack down on mining and trading activities.
Their new policy restricts customers from participating in cryptocurrency transactions and threatens to cut ties with any rule breaker.
“Our bank is determined not to carry out or participate in any business activities related to virtual currency, prohibits the access of customers involving virtual currency transactions and will increase the investigation and monitoring of customers and capital transactions. Once relevant behaviors are discovered, measures such as suspension of account transactions and termination of customer relationships will be taken immediately, and the relevant departments will be reported in a timely manner.”
AgBank also warns clients about crypto fraud, asking them to assist the bank by reporting any illegal activities according to the statement.
“In order to protect your legitimate rights and interest, and the safety of funds in your account, please actively cooperate with our bank’s due diligence work, assist our bank in fulfilling its legal obligations and crack down on illegal and criminal activities involving virtual currency mining and fund transactions.”
AgBank’s policy change comes as the crypto markets struggle to revamp their bull markets, with both Bitcoin (BTC) and Ethereum (ETH) down well over 50% from their all-time highs.
The crypto ban also comes shortly after several provinces, including Sichuan, Xinjiang, and Inner Mongolia, vowed to shut down major Bitcoin mining hubs.
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Featured Image: Shutterstock/Dario Lo Presti/mycteria
