10 Apr '14, 8pm

China’s Bitcoin Exchanges Say Banks Will Close Their Accounts

Chinese Bitcoin exchanges said domestic banks closed their accounts after the nation’s central bank barred financial institutions from handling transactions in the virtual currency to curb risk. BtcTrade said on its website yesterday that an Agricultural Bank of China Ltd. (601288) sub-branch in Hangzhou will close its account by April 15 if it continues to use it for Bitcoin-related settlement services. Huobi.com said Industrial & Commercial Bank of China Ltd. will close its account by April 18 and Btc100.org said it received a notice from an unidentified lender to cancel its account. The account closings come after the People’s Bank of China in December banned financial institutions and payment companies from buying and selling Bitcoin or dealing in linked products. The ban reflects concern about the risk the digital currency may pose to China’s capital controls and fina...

Full article: http://www.bloomberg.com/news/2014-04-10/china-s-bitcoin-...

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