Chinabank Payments Fined $4.2 Million for Links to Gambling Sites

This week the Chinese government issued a heavy RMB29.4 million fine on Internet Banking Online (Beijing) Technology Co Ltd, operating as Chinabank Payments, for having links to unauthorized online betting sites.

The service was found to have been helping Chinese citizens transfer money out of the country in order to facilitate online gambling transactions. The violation occurred from 2017 to 2018, and were located in the likes of Cambodia. The company has acknowledged the lapses, and have taken steps to rectify the situation.

This explanation didn't get the company out of trouble though, as they were handed the stiff fine and likely received behind-the-scenes sanctions as well. The Chinese government has been working to clamp down on illegal gambling, and while their efforts seem to have been mostly fruitless, they're still on the warpath and will try to make things as difficult for punters as possible.

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