Chinese banks freeze accounts over crypto memos

Chinese banks are freezing customer accounts when crypto-related terms like 'Bitcoin,' 'Dogecoin,' or 'USDT' appear in transfer memo fields. This represents an escalation of China's cryptocurrency restrictions, now targeting even written references to digital assets in banking transactions.

• →Chinese banks are automatically freezing accounts when users include cryptocurrency names in transfer memos.
• →The policy affects mentions of Bitcoin, Dogecoin, and USDT in transaction descriptions.
• →This represents a new level of cryptocurrency enforcement beyond trading bans.
• →Chinese nationals are reporting widespread account freezes due to this automated detection.
• →The measure demonstrates China's continued hardline stance against cryptocurrency adoption.