China orders Alipay, banks not to assist cryptocurrency trading

Bitcoin declines to two-week low and ether falls 13% as crackdown widens

China summoned officials from its biggest banks to a meeting to reiterate a ban on cryptocurrency services.
 
Representatives from Industrial and Commercial Bank of China, Agricultural Bank of China and payment service provider Alipay were reminded of rules that prohibit Chinese banks from engaging in crypto-related transactions, according to a statement from the central bank on Monday.
 
The latest development is a sign that China will do whatever it takes to close any loopholes left in crypto trading. In May, China’s State Council — the country’s cabinet — called for a renewed crackdown on Bitcoin mining and trading