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Agricultural Bank of China Reiterates Ban on Crypto: Report

A statement posted on its website citing guidance from the People's Bank of China was subsequently deleted.

Jun 21, 2021 at 8:30 a.m. UTC
Updated Sep 14, 2021 at 1:14 p.m. UTC

The Agricultural Bank of China (ABC) affirmed its ban on crypto transactions, according to a now-deleted statement on its website, a translation of which was tweeted by Colin Wu on Monday.

  • The bank cited recent guidance from the People's Bank of China for it continuing to carry out a crackdown on virtual-currency transactions.
  • Any such behaviors detected would result in the "termination of customer relationships" and be reported to the relevant authorities, the statement said.
  • The announcement by ABC, the world's third-largest bank, comes against the backdrop of the wider crackdown of crypto mining and trading by the Chinese government.
  • Bitcoin's price has dropped about 7% in the last 24 hours, and was trading about $33,300 at press time.

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