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Title : Indian Banks Reportedly Suspend Accounts of Bitcoin Exchanges
link : Indian Banks Reportedly Suspend Accounts of Bitcoin Exchanges

Indian Banks Reportedly Suspend Accounts of Bitcoin Exchanges

Sputnik | Jan 22, 2018

© Sputnik/ Vladimir Astapkovich

As the accounts of exchanges remain inactive, their customers are unable to deposit or withdraw money by selling the virtual coins they hold, unleashing chaos among investors, according to a news report published by an India daily.

New Delhi (Sputnik) — As cryptocurrency exchanges in India reported a business of over $3.5 billion in the last one month alone, major Indian banks have started suspending the accounts of some of the exchanges, according to a report published by the Indian business daily Economic Times.

The banks that have taken this action include the public enterprises like the State Bank of India (SBI) as well as private banks including Axis Bank, HDFC Bank, ICICI Bank and Yes Bank. Sources told Sputnik that exchanges like Koinex, Zebpay, Unocoin, Coinsecure, BtcxIndi are the ones that have faced the crackdown.

— Rajesh Barman (@RajeshBarman_) January 22, 2018

@koinexindia You guys really suck in doing business. Its really frustrating Now.If you cant deposit it to my bank account atleast deposit back my money to my koinex wallet
koinex Id Q6HBHQ

— Sk! (@sagarkachhwani1) January 22, 2018

@koinexindia You guys really suck in doing business. Its really frustrating Now.If you cant deposit it to my bank account atleast deposit back my money to my koinex wallet
koinex Id Q6HBHQ

— Sk! (@sagarkachhwani1) January 22, 2018

A few weeks ago, Koinex had issued a statement claiming that "a tussle" between payment service partners and the banks in which it holds accounts has caused an "indefinite delay" in the settlement of a large portion of deposits to Koinex in the past two weeks.'

While none of the banks have officially commented on the development, the Economic Times quoted an anonymous source saying that the move was largely a deterrent for suspicious transactions and the country's central bank had no role in it.

"The Reserve Bank of India (RBI) has not issued any directive to us — it's a cautionary move on our part. We are wary about the purpose for which some of these current accounts are being used."

Meanwhile, the income tax department has reportedly started sending notices to major investors in cryptocurrencies who mainly comprise real estate dealers and jewelry traders. Cryptocurrency exchanges have taken this with a pinch of salt.

(2/2) INR Withdrawals Update:
This is to inform our users that some transactions have been reversed at the bank's end, due to which a few may not have received their funds. We're investigating these transactions on a case-to-case basis. We thank you for your support & patience.

— Koinex (@koinexindia) January 16, 2018

India has not banned cryptocurrencies but the country's central bank and the government have issued several warnings to the public against investing in what they describe as "Ponzi schemes."

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