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China’s Largest Bitcoin Exchange Halts Merchants Bank Deposits

BTC China halted local-currency deposits to clients’ China Merchants Bank Co. accounts, as lenders close accounts with Bitcoin exchanges amid government measures to check surging trading in the virtual currency.

The suspension aims to protect security of client funds and ensure stable operations, BTC China, the nation’s largest Bitcoin exchange, said on its official microblog yesterday. Merchants Bank banned the use of its accounts for Bitcoin transactions, according to a statement dated April 25 on the lender’s website.