China Crypto Roundup (Oct 12- Oct 19): Chinese Police Cracking Down on Illegal Bank Cards, 2022 Asian Games Tickets Will be Issued on A Blockchain Network, 2 Million People Applied for Shenzhen’s Digital Yuan “Red Packets”

Oct 19, 2020

The top stories from the Chinese cryptocurrency sphere this past week include: Chinese police cracking down on new types of illegal crimes in telecommunication networks, Alibaba’s blockchain subsidiary to issue tickets for the 2022 Asian games in Hangzhou, almost 2 million people applied for ...

Chinese Police Investigates A USDT OTC Merchant Who Received Black Money from Scam

Sep 29, 2020

Recently, a USDT OTC merchant from OKEx was investigated by Chinese police as he received black money from a scam. The police found that about 500000 Chinese yuan from a scam flowed into OKEx, then the money was transferred into cryptocurrency through an OTC merchant, which le...

China’s Biggest Bitcoin OTC Dealer Zhao Dong Reportedly Detained By Police

Jul 3, 2020

Reports from earlier this month have shown that these “illegal activities” usually meant dealing with cryptocurrencies. Many users reported their funds being blocked after they engaged in OTC trades involving digital assets, with many expecting that the practice of freezing accounts will only...

The Criteria of Crypto OTC Users’ Credit Cards Freeze in China

Jul 1, 2020

Cryptocurrency in the official vision of China, it is a legal commodity, the people want to do whatever they want. However, cryptocurrency is naturally favored by criminals. After all, it is easy to circulate (only a few minutes from one end of the earth to the other), good anonymity (full addre...

Is Crypto OTC Trading Still a Profitable and Safe Business?

Jun 12, 2020

From Jun. 4 about four thousand bank accounts involved in the money laundering of crypto OTC traders have been frozen by local police in China’s Guangdong province, according to 8btc's previous report. How large is the crypto OTC market? Assuming the daily trading volume of cryptocur...

Thousands of Bank Accounts of Crypto OTC Traders in China’s Guangdong Are Frozen by Local Police

Jun 8, 2020

About four thousand bank accounts involved in money laundry of crypto OTC traders have been frozen by local police from Jun. 4 in China's Guangdong province. The reason for card frozen is that the telecom fraud is being severely investigated by Chinese police recently as OTC trading o...

China Crypto Roundup: Canaan Reports $148mln Losses, Chinese Crypto Community on BCH Halving, OTC Transactions via WeChat Drop

Apr 13, 2020

In recent Chinese cryptocurrency news: Chinese bitcoin miner manufacture Canaan disclosed its 2019 financial results with $148.6 million losses; crypto community is somewhat quiet in face with the big event of the week - BCH halving; multinational companies are seeking blockchain opportunitie...

Binance Dips its Toes Back into China by Testing Alipay

Oct 12, 2019

Binance’s Changpeng Zhao publicly confirmed on Twitter that  the exchange accepts fiat through Alipay and WeChat , and stressed it in an official statement. This is obviously too careless for Zhao to announce the issue that triggered Alipay’s ban on all crypto-related transactions. ...

Chinese Gamers Practice Gift Card Arbitrage by Bitcoin OTC Trade

Aug 23, 2019

Chinese gamers take Bitcoin as a cross-border payment to buy steam’s gift card. Steam is a video game digital distribution platform providing automatic updates for users’ games. And gift card is a kind of recharge card for users in steam platform. Chinese gamers prefer to buy gift cards...

Crackdown Escalated? China Warn Against Risks of Offshore ICOs And Virtual-currency Trading

Jan 26, 2018

January 26, 2018-Beijing, National Internet Finance Association of China (NIFA) this Friday issued a warning calling on investors to see clearly the risks of offshore ICO and "virtual currency" exchanges and firmly establish the risk-prevention awareness. The warning is in li...