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China's State Administration of Foreign Exchange (SAFE) has implemented new regulations aimed at tightening control over cryptocurrency trading. Under the updated rules, banks in mainland China are required to monitor and report risky trades, including those related to Bitcoin and other cryptocurrencies, as part of efforts to combat illegal activities such as underground banking and cross-border gambling. Authorities have emphasized that these measures are intended to enhance financial stability, making it increasingly difficult for crypto traders to operate discreetly. The crackdown reflects a broader strategy by Chinese regulators to restrict illegal financial networks and manage yuan and foreign currency flows more effectively.
NEW: 🇨🇳 China's State Administration of Foreign Exchange (SAFE) has significantly escalated its anti-cryptocurrency policies. All banks must now enact even more stringent anti-privacy, KYC, and trade surveillance systems https://t.co/jA1CBMzLoS
NEW: 🇨🇳 China's State Administration of Foreign Exchange has tightened rules on trading in Bitcoin and cryptocurrencies, now requiring banks to monitor and report transactions, in order to prevent illegal activities such as underground banking and cross-border gambling. https://t.co/N49mqugE6S
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