China intensifies bank and payment-firm restrictions on cryptocurrency services

The People's Bank of China said it had summoned major banks and Alipay and instructed them to strengthen checks on cryptocurrency trading and sever payment links to crypto-related accounts. The action tightened fiat access after the May industry-association warning and ran in parallel with the mining shutdowns.

Distinct implementation stage of the China crackdown affecting fiat access and major platforms; separate from mining shutdowns.