Top Banks including SBI, Axis, ICICI suspend Accounts of Indian Cryptocurrency Exchanges
SBI, Axis Bank, ICICI Bank, HDFC Bank and Yes Bank – some of the biggest names in Indian banking system have now suspended the accounts of some of India’s largest cryptocurrency exchanges. The banks have suspended the accounts over suspicions of dubious transactions, as per a report from Economic Times.
“Since last month, banks have been asking for additional collateral with 1:1ratio,” a person with knowledge of the matter said.
The banks are scrutinising current accounts held by top Bitcoin exchanges, a second person said. Action has been initiated against the top 10 Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia, said four people aware of the matter.
“The banks have not contacted the company or the promoters regarding the actions you have mentioned,” said Sathvik Vishwanath, promoter of Unocoin. Emailed queries to Zebpay, Coin-Secure and BtcxIndia did not elicit any response. SBI, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank did not respond to emails seeking comment.
Bitcoins are a digital currency that can be used to buy products and services without any intermediary. People also buy Bitcoins, which has been banned in some countries, as an investment.