India’s top bank suspend accounts of major bitcoin exchanges

Recently, the top banks of India have suspended accounts of major Bitcoin exchanges. Thus, suspecting of dubious transactions. Banks including Axis Bank, HDFC Bank, State Bank of India and Yes Bank have suspended accounts of top ten cryptocurrency exchanges. Such as Unocoin, BtcxIndia, Zebpay, CoinSecure among users.

Reportedly, these banks have for additional collateral with 1:1 ratio on the loans the exchanges have taken. Economics Times reported that the operational withdrawals have also capped with the few accounts.

Unocoin addressed uninformed order of Indian Bank

Although, most of exchanges ET contacted did not respond. Since Unocoin said no bank has contacted them in this regard.

Sathvik Vishwanath, Unocoin Promoter,

“The banks have not contacted the company or the promoters regarding the actions you have mentioned”.

Moreover, eight accounts have likely been suspended when banks found the funds were used for something which it was not supposed to be.

A banker involved in the matter told ET,

“Reserve Bank of India 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”.

Related coverage: India income tax department conducts inspection on Bitcoin exchanges

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Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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