News of Chinese Banks’ Crypto Crackdown Greatly Exaggerated By Cointelegraph

News of Chinese Banks' Crypto Crackdown Greatly Exaggerated By Cointelegraph

Expert: News of Chinese Banks’ Crypto Crackdown Greatly Exaggerated

It was reported last week that thousands of bank accounts belonging to Chinese over-the-counter cryptocurrency traders were recently frozen by law enforcement. The police claimed that this was part of a wider investigation into illegal activities, such as money laundering. Reports noted that these investigations specifically targeted OTC trades using the stablecoin Tether (USDT).

According to Sonny Wang, the head of Longmen Capital Japan, this was merely part of an everyday exercise by Chinese police.

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