Indian banks shutting cryptoexchanges accounts

[CryptoGirl]

Bitcoin exchanges in India are now under fire, with the State Bank of India (SB), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank reportedly closing or limiting activity on accounts tied to bitcoin trade.

An insider told The Economic Times India that banks are now scrutinising current accounts held by India’s top exchanges.

About two weeks ago, Koinex, a popular crypto exchange based in Mumbai said that Indian banks were bottlenecking transactions, forcing Koinex to temporarily suspend business.

The exchange said in a blog post: “In the past few days, many of our users have faced difficulties with Indian Rupee (INR) withdrawals on Koinex.

“A tussle between our payment service partner and their bank has caused an indefinite delay in the settlement of a large portion of deposits to Koinex in the past two weeks.


https://www.express.co.uk/finance/city/907786/bitcoin-price-india-cryptocurrency-trading-btc-exchange