India’s Major Banks Freeze Accounts Of Bitcoin Exchanges – ReportJan 22, 2018 at 13:55
Major banks in India have suspended accounts of Bitcoin exchanges operating in the country over suspicious transactions, local daily Economic Times reported.
Citing sources, these banks—which include State Bank of India, Axis Bank HDFC Bank, ICICI Bank and Yes Bank—have been probing accounts of Bitcoin exchanges while some have initiated action versus the country’s top 10 exchanges like Zebpay, Unocoin, CoinSecure and BtcxIndia.
The sources said the accounts of these were frozen after banks discovered these were used anomalous transactions otherwise stated when they were opened.
Meanwhile, those accounts under investigation have been imposed with limits on cash withdrawals.
Local banks were directed to report Suspicious Transaction Reports with the Financial Intelligence Unit.
India has not banned Bitcoins but its government and Reserve Bank of India, its central bank, have issued several warnings against using the digital currency.
In December, the local paper reported that the government is assessing Bitcoin exchanges of their tax liability.