Indian banks put crypto traders' accounts under the microscope
HSBC, HDFC and Citi are now requiring crypto traders in India to provide information about their activities or risk losing their funds. Cryptocurrency traders and investors in India are among the latest casualties in an increasing trend of personal account closures by global banking operations. India’s parliament is currently contemplating a nation-wide crypto ban which local industry critics, such as former Coinbase CTO Balaji Srinivasan have compared to “banning the internet for five years.”The Economic Times reports that customers of private banks in India, such as HDFC, HSBC and Citi,....
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One of India’s leading private banks with 5,608 branches and 16,087 ATMs, HDFC Bank, has published a report stating that “it is just a matter of time before Indian investors have legal access to crypto plays.” This statement came as the bank scrutinizes crypto transactions in customer accounts. HDFC Bank Predicts Legal Acess to Crypto in India HDFC Bank, a leading private bank in India, published a Treasury Research report last week detailing its view on cryptocurrency. HDFC Bank currently has 5,608 branches and 16,087 ATMs across India. The bank was among the first to....
Indian banks have started doing business with select cryptocurrency exchanges and their customers, CoinDesk has confirmed.
The Indian cryptocurrency industry is experiencing massive growth. New traders are flooding crypto exchanges, executives from four of the largest crypto trading platforms in India exclusively told news.Bitcoin.com. They also share their views on what drives the Indian crypto market, current traders’ sentiment, and institutional interest in crypto in India. Massive Growth of New Crypto Traders, Volumes Cryptocurrency exchanges in India are seeing record numbers of new users signing up on their platforms, accompanied by huge surges in trading volumes. At Unocoin, one of the oldest....
India’s central bank, the Reserve Bank of India (RBI), has reportedly informally asked banks to cut ties with cryptocurrency exchanges and traders. Some banks in India have limited their exposure to the crypto market and some plan to stop all crypto-related transactions. RBI Asking Banks to Cut Ties With Customers Dealing With Cryptocurrencies The Indian central bank has informally urged lenders “to cut ties with cryptocurrency exchanges and traders,” Reuters reported Thursday, citing three unnamed sources. The news outlet quoted a senior bank executive as saying: The....
India’s Enforcement Directorate (ED) has unfrozen the bank accounts of cryptocurrency exchange Wazirx, the company said. The accounts were frozen as part of the federal agency’s investigation into 16 fintech companies and instant loan apps. Wazirx Says Its Bank Accounts Are Now Unfrozen Indian cryptocurrency exchange Wazirx said Monday that the Enforcement Directorate (ED), the law enforcement and economic intelligence agency of the government of India, has unfrozen its bank accounts. The company explained that the ED has been investigating 16 fintech companies and instant....