Overseas Trader Accounts Started Blocking by Chinese Authorities

Chinese authorities are blocking bank accounts of OTC traders, noting that the finances they hold may be obtained as a result of illegal activities.

It is worth noting that the country’s law enforcement agencies began their operation last week, it was then that market makers and some buyers reported a freeze on their assets. The position of the authorities will become a serious obstacle for market players, since over-the-counter platforms are currently the only way to convert cryptocurrencies using fiat funds.

According to Xiaosiao San, who currently runs such a platform, previously the authorities’ attention was attracted only by cases that are directly related to the financial pyramids and the functioning of the casino, but the checks did not affect, as a rule, the accounts of individual users. At the same time, a change in the selection of high-risk assets for sending them to local accounts is now observed in China. If earlier Bitcoin confidently held the first place in such transactions, now the leading positions have moved to USDT.