Via Block Crypto:

In its latest effort to crack down on crypto trading activities, China’s central bank has required domestic banks to cut off the funding channels of crypto over-the-counter (OTC) merchants.

The People’s Bank of China (PBoC) issued a statement on Monday, saying that it has recently summoned a meeting with several domestic banks and mobile payment service providers. They included the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (ABC), the Construction Bank of China (CBC), Postal Savings Bank of China, the Industrial Bank, as well as mobile payments app AliPay.

The PBoC said the speculative activities around crypto trading has severely disrupted the balance of China’s financial system, creating the risk of illegal capital outflow across the border and money laundering. It reiterated its 2017 stance that no financial institutions should provide banking and settlement services for crypto-related transactions.

Keep reading…