Banks Ordered to Flag Risky Trades
China’s foreign exchange regulator has introduced new laws requiring banks to flag risky transactions, including those involving cryptocurrencies.
The State Administration of Foreign Exchange (SAFE) issued a notice last week outlining that banks must monitor and report “risky foreign exchange trading behaviors.”.
China Forces Banks to Report Risky Crypto Trades
According to the latest report, these regulations will make it harder for Chinese investors to trade Bitcoin and other digital assets. The banks must report on forex activities, including underground banking, cross-border gambling, and illegal financial transactions involving cryptocurrencies.
Also, the report specified that the rules will be…
