China Merchant Bank Freeze Credit Cards Restricting Cryptocurrency Transactions

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • According to the latest report, China Merchant Bank (CMB) has actively frozen many people’s credit cards.
  • Also, their saving cards stopped during the normal cryptocurrency transactions.
  • However, China Merchants Bank is famous for its stringent risk control against cryptocurrencies.

According to the latest report, China Merchant Bank (CMB) has actively frozen many people’s credit cards. Also, their saving cards stopped during the normal cryptocurrency transactions. That was basically a non-counter transaction.

CMB strict towards cryptocurrencies

However, China Merchants Bank is famous for its stringent risk control against cryptocurrencies. However, the bank has also warned its customers that the blockchain will actively freeze bank cards. Depending upon its own risk control judgment.

Previously, reports revealed that Bank of China, Agricultural Bank of China, China Merchants Bank, Construction Bank, and Industrial and Commercial Bank of China customer service replied in the same manner.

Per them, if the activity and channel are lawful, the source of virtual currency is legal. Further, the page supports bank card services. However, bank cards Users’ funds won’t be frozen voluntarily except if it includes illegal cases. These include fraud and money laundering issues.

The bank is alert towards crypto frauds

Besides this, the CMB has frozen many users’ non-counter transactions on the 28th of June. Responding to this issue, the CMB bank customer service replied that the bank governs its own control policy and have risk management. It will further investigate this issue.

Earlier this current year, the central bank and other regulatory bodies have gotten serious about frauds pertaining to cryptocurrencies. Such as money laundering, telecommunication frauds, and drug-related gambling. However, due to the common obscurity of cryptocurrencies and the slack of domestic regulatory compliance. There is nothing a better way than completely avoiding freezing cards.

Moreover, strict supervision and a great understanding of cryptocurrencies reflect the bank’s active efforts risk control will increase in the future.

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