China Post Terminates “Exchange Account” Transfer Services! Who Will Be Affected?

What Happened?

Chunghwa Post has ceased its scheduled transfer service for deposit accounts associated with cryptocurrency platforms. This includes stopping the acceptance of new scheduled transfer setups and terminating existing related configurations. In the future, users will face slower transaction speeds, increased operational complexity, and potential limitations due to general transfer limits. This policy may impact market liquidity, increase uncertainty in the regulatory environment, and prompt the industry to seek alternative financial solutions.

Chunghwa Post Terminates Scheduled Transfer Service for Cryptocurrency Exchanges

Against the backdrop of increasing divergence in global financial regulatory trends, American regulators are actively pushing for fair treatment of cryptocurrency exchanges by banks to prevent unreasonable discrimination. However, financial institutions in Taiwan have adopted a starkly different strategy. Chunghwa Post announced today (28th) that it will prohibit users from setting deposit accounts from cryptocurrency exchanges as scheduled transfer targets. This move not only limits the convenience of users transferring funds in and out of exchanges but also highlights the regulatory challenges and conservative attitude present in Taiwan.

According to Chunghwa Post’s official statement:

1. The company will stop accepting (including in-branch and online) scheduled transfer accounts belonging to “deposit accounts of virtual currency platforms” as scheduled transfer accounts for financial cards, online postal services (including APP), and telephone voice channels.
2. For accounts already set as scheduled transfer accounts belonging to “deposit accounts of virtual currency platforms” via financial cards, online postal services (including APP), and telephone voice channels, from May 28, 2025:
   1. The original scheduled transfer setup for “deposit accounts of virtual currency platforms” will be “terminated,” and thus will not be displayed in the “scheduled transfer account list” on respective automated platforms.
   2. The original scheduled transfer service for “deposit accounts of virtual currency platforms” will be “stopped.”
3. We appreciate your understanding and support; we apologize for any inconvenience caused.

In other words, starting now, users can no longer set new “scheduled transfer” accounts for cryptocurrency exchanges. As for the previously set “scheduled transfer” accounts to cryptocurrency exchanges, all services will be fully stopped starting May 28, 2025.

Conservative Regulatory Attitude Towards Cryptocurrency Poses Challenges for Industry Development

This change by Chunghwa Post means that users will no longer be able to quickly and conveniently transfer funds to the deposit accounts of virtual currency exchanges via the “scheduled transfer” feature. More importantly, since “scheduled transfers” typically enjoy higher transfer limits, the cancellation of this service may also restrict users’ ability to move large amounts of funds. According to supplementary information from Chunghwa Post’s official statement, any deposit account associated with cryptocurrency exchanges will be affected by this adjustment, including accounts from Far Eastern, KGI, and Fubon.

Although Chunghwa Post claims it is acting out of “protection for users,” this policy also reveals the conservative attitude of Taiwanese financial institutions towards the cryptocurrency industry, as well as the limitations placed on industry innovation and development. While currently only Chunghwa Post has taken this step, if more banks follow suit in the future, the convenience of user deposits could decline, potentially leading to a decrease in market trading volume and impacting market liquidity. At the same time, it may increase regulatory uncertainty for the development of the cryptocurrency industry in Taiwan, affecting investor confidence.

In any case, this policy may have a significant impact on users’ trading habits in the short term, and in the long term, it could pose certain obstacles to the development of Taiwan’s cryptocurrency industry, further highlighting the regulatory challenges and conservative attitude faced by the cryptocurrency sector in Taiwan.