China's leading bank bans crypto access, issues harsh warnings to rule breakers

Ziraat Bank, the third largest bank in China, has announced that it has crashed cryptocurrency transactions. Agricultural Bank of China (AgBank) is the country's third-largest lender by asset, currently managing more than $4.20 trillion. The banking giant has issued a statement banning the use of virtual currency transaction services such as Bitcoin, following the People's Bank of China (PBOC) instructions to block mining and trading activities. Their new policy prohibits customers from participating in cryptocurrency transactions and threatens to cut them off for any rule violation. “Our bank undertakes not to engage in or participate in any virtual currency business, prohibits customers from accessing virtual currency transactions and will increase investigation and surveillance of customers and capital transactions. When the relevant behavior is detected, actions such as stopping account activities, terminating customer relations will be taken immediately and reported to the relevant departments in a timely manner. According to the statement, AgBank also warns customers of crypto fraud and asks them to help the bank by reporting illegal activities. “In order to protect your legitimate rights and interests and the security of the money in your account, we request you to actively participate in due diligence of our bank, assist our bank in fulfilling its legal obligations, and take precautions against illegal and criminal activities including the following. mining of virtual currencies. and fund transactions.” AgBank's policy change comes as crypto markets struggle to renew their bull market, with both Bitcoin (BTC) and Ethereum (ETH) falling more than 50% from their all-time highs. The crypto ban came shortly after several provinces, including Sichuan, Xinjiang, and Inner Mongolia, promised to shut down major Bitcoin mining centers. Don't miss a thing – Sign up to receive crypto email alerts

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