China Construction Bank (CCB) recently responded to a case where several accounts were locked after transfers included notes related to Dogecoin. According to China News Weekly on December 12th, the bank stated that its system detected a high risk associated with the transfer notes, automatically placing the accounts in a "no receiving - no sending" state, similar to freezing transaction functions.
The story began a few months ago when Ms. Yu and her husband transferred 250 yuan to each other with the note "Dogecoin this week." Although it was just a playful reminder between the couple, the CCB system identified the note as potentially related to cryptocurrency transactions – a sector heavily restricted in China. This led to an internal investigation of both accounts and subsequent transaction restrictions.
Recently, bank staff contacted Ms. Yu directly to verify her marital relationship, the purpose of the money transfer, and the meaning of the note. The staff stated that the note "Dogecoin" had triggered a control mechanism related to "virtual currency," thereby placing the account at high risk.
BingX : A reliable trading platform with a range of benefits for users of all levels.
To have the restrictions lifted, Ms. Yu was required to submit her husband's bank statements for the relevant months and sign a commitment stating that the previous transactions were not related to cryptocurrency, and promising not to engage in such transactions in the future. Ms. Yu's husband strongly opposes such direct account restrictions and is still in tense discussions with the bank to clarify the regulations.
On December 10th, when China News Weekly contacted CCB's customer service hotline, staff stated they had not received any official notification regarding system-wide "cryptocurrency controls" and suggested contacting the branch where Ms. Yu opened her account. However, the Tianjin branch – where Ms. Yu opened her account – responded that they were unaware of the case. Meanwhile, the Dalian branch – where Ms. Yu's husband opened his account – confirmed that if an account shows signs of involvement in crypto transactions, the bank will impose a "no deposit - no withdrawal" status. If the transfer details mention Dogecoin, the account holder must prove that the note is not related to cryptocurrency transactions. The problem is: how to prove this? Bank staff stated that a bank statement alone is insufficient, leaving many such accounts with no option but to close them , making unlocking impossible.
Ms. Yu has now submitted her husband's bank statement and a handwritten commitment letter to request the removal of the restrictions. Staff at the branch where her husband has his account added that providing a marriage certificate could increase the chances of approval.
This incident occurred amidst China's continued tightening of regulations on cryptocurrency-related activities. On December 5th, Xinhua News Agency reported that seven major associations – including the China Internet Finance Association – had issued a joint risk warning, urging their members to absolutely refrain from issuing or trading cryptocurrencies or Tokenize real-world assets within China. The warning also called on citizens to raise awareness and avoid illegal activities in the crypto sector.
