Major good news! Virtual currency withdrawals are about to enter a new era of "no frozen cards"!

Recently, Yao Wensong, CEO of ZhongAn Bank, the largest virtual bank in Hong Kong, revealed in an interview with the media that the bank will launch a cryptocurrency exchange service for legal currency through a licensed trading platform. In short, the bank will also be involved in the virtual currency OTC acceptance business. If banks can provide such exchange services on exchanges, the problem of easy-to-move cards for virtual currency withdrawals that has long plagued Chinese users will be fundamentally solved. In the past, users were prone to receiving stolen money when withdrawing funds through personal OTC on exchanges, resulting in bank cards being frozen. After banks participate in acceptance, such problems will no longer exist, and the phenomenon of frozen cards will be solved.

ZhongAn Bank obtained a Class I license from the Hong Kong Securities and Futures Commission in January 2022. Yao Wensong said that the bank will serve as a settlement bank for customers, allowing customers to withdraw money in RMB, US dollars or Hong Kong dollars after depositing cryptocurrencies on the trading platform. At present, this business model has been run in cooperation with two exchanges, HashKey and OSL, which are also the only institutions in Hong Kong that have obtained the licenses required to operate virtual currencies.

In fact, this kind of service is not uncommon in the world. Many exchanges in overseas countries provide similar services, but most of them cannot support RMB withdrawals. ZhongAn Bank's withdrawal service will change the current situation of virtual currency RMB withdrawals.

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