Bitcoin

Bitcoin Daily: China Freezes Thousands Of Crypto Accounts Amid Criminal Probe

China Freezes Thousands Of Crypto Accounts

Authorities in China have reportedly frozen bank accounts due to digital currency and fiat assets allegedly contaminated by illicit actions, CoinDesk reported.

Select Chinese digital currency sellers and buyers along with over-the-counter (OTC) market makers have had accounts frozen as money laundering actions involving digital currencies reportedly may have tainted their transactions.

The report noted that the impacted digital currency users aren’t necessarily accused of doing anything wrong. And OTC desks are said to be the only fiat on- and off-ramps from digital currency users based in China who lack bank accounts in other countries. OTC desk operator Sun Xiaoxiao said in a social media post that his accounts had been frozen.

Sun said per the report that the action, which authorities in the Guangdong province of the country took, could affect “several thousand people.” He also noted per the report that it is not common for people to have their bank accounts frozen because of contaminated digital currency.

In other news, Securitize delivered a “royalty payment” to those who have security tokens of Lottery.com, which has been described as a first for the digital security manager, CoinDesk reported.

With the milestone, the company contends that it serves as the first securities record keeper.

Securitize CEO Carlos Domingo said per the outlet that his offering is the “future” of payout disbursements for those who hold shares.

“With this we can basically do instant payouts,” Domingo noted, as token ownership records are refreshed in real time and can connect directly with the way used to send the payouts.

Transfer agents keep and refresh records of securities ownership in addition to doling out payments such as interest or shareholder dividends. The report, however, noted that transfer agents are not “paying agents” in every instance, which it defines as the agents delivering payments to those who have shares.

Securitize, for its part, discovered that over 50 percent of token holders chose to get their payouts in USDC stablecoin when it delivered the Lottery.com payout.

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