Block the exchange agreed transfer! Chunghwa Post terminates deposit account services for virtual currency platform: effective May 28.

Adjust the transfer account service to ensure the safety of customer funds.

The Chunghwa Post announced that to strengthen account security protection, it will stop and terminate the relevant services for designated transfer accounts belonging to "deposit accounts of virtual currency platforms." This adjustment will take effect from May 28, 2025, and will affect the transfer functions of financial cards, online postal services (including APP), and telephone voice channels.

Stop accepting new transfer account applications

Effective immediately, Chunghwa Post will no longer accept (including in-person and online) designated transfer accounts for "virtual currency platform deposit accounts." This ban applies to all automated platforms, including financial cards, online postal services, and telephone voice services.

The designated transfer account will be terminated from May 28.

For the already set agreed transfer to the "deposit account of the virtual currency platform", the following adjustments will be made starting from May 28, 2025:

Termination of Service: The setting for transferring to the "Deposit Account of the Virtual Currency Platform" as originally agreed will be terminated and removed from the "Agreed Transfer Account List" of each automated platform.

Service Suspension: The service for depositing into the "virtual currency platform's deposit account" will be fully suspended, and deposits can no longer be made through the original channels.

Affected account range: Far East, KGI, Fubon

According to the "Virtual Currency Platform Account Deposit Account Rules Table," the accounts affected this time include deposit accounts from multiple platforms such as Far Eastern International Bank (805), KGI Bank (809), and Fubon Bank (012), for example:

Far East Bank: 1020xxxxxxxxxxxx, 1022xxxxxxxxxxxx

KGI Bank: 005286xxxxxxxxxx, 005460xxxxxxxxxx

Fubon Bank: 0028181xxxxxxxxx

The above banks are commonly used custodial banks for exchanges in Taiwan, indicating that post office users will not be able to make large daily deposits to the exchange through agreed transfers.

Remind users to pay attention and adjust in advance.

Chunghwa Post emphasizes that this policy aims to protect customer account security and avoid potential cybersecurity risks. If customers still have relevant deposit needs, it is recommended to adjust their account configurations as soon as possible to avoid affecting fund flow after the service is terminated.

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It may be part of the "Chokepoint 2.0" strategy

The decision by Chunghwa Post to terminate the deposit account for virtual currency platforms indeed evokes the U.S. "Operation Choke Point 2.0" strategy. This strategy is led by the U.S. government to cut off funding channels to specific industries (such as cryptocurrency, firearms, adult industry, etc.) through financial institutions, indirectly striking at the development of these industries. Although Taiwan currently does not have a clear similar plan, Chunghwa Post's action will undoubtedly hinder the flow of funds in the cryptocurrency industry in Taiwan, exhibiting certain characteristics of a "choke point."

Why is it considered a "Chokepoint"?

Cutting off the source of funds and stopping the deposit account means that users in Taiwan will find it difficult to convert fiat currency to cryptocurrency directly through Chunghwa Post. The flow of funds is obstructed, which is a typical "chokepoint" tactic.

Restrict new users from entering the market. Stop creating new transfer accounts, making it difficult for new users to enter, which imposes restrictions on local cryptocurrency exchanges or platforms in Taiwan.

Reducing market liquidity and the inability to easily transfer to accounts on virtual currency platforms will lead to a decrease in market liquidity, affecting overall trading volume.

Protecting consumers or restricting the industry?

Although Chunghwa Post emphasizes that this measure is to "ensure the safety of account use," from a market perspective, it may also be a signal from the government to impose further restrictions on the cryptocurrency market. Considering the frequent occurrence of global cryptocurrency fraud cases in recent years, the government may intend to block the flow of funds to unclear platforms. However, this move also suppresses the development of legitimate exchanges, putting considerable pressure on legal trading platforms.

The cryptocurrency industry in Taiwan is likely to "passively shrink."

If this policy becomes a common practice among financial institutions in Taiwan, it may lead to:

Users turning to foreign platforms: After local platforms are restricted, Taiwanese users may transfer funds to overseas exchanges, resulting in capital outflow.

Underground trading increases risks: Some investors may turn to informal channels for trading, which in turn raises the risks of fraud and money laundering.

The effects of the policy need to be observed, but the industry may be suppressed.

Although Taiwan has not explicitly stated that this is a "Chokepoint" strategy to suppress cryptocurrencies, the outcome is likely to be similar to the effects of "Chokepoint 2.0". If other financial institutions follow suit, the cryptocurrency market in Taiwan will face greater survival challenges. Therefore, whether this policy is a singular event or a precursor to a larger strategy remains to be seen.

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This article blocks the exchange agreement for transfers! Chunghwa Post terminates the deposit account service for virtual currency platforms: effective May 28, first appeared in Chain News ABMedia.