{"id":187386,"date":"2021-02-24T04:49:04","date_gmt":"2021-02-24T01:49:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/indian-banks-put-crypto-traders-accounts-under-the-microscope\/"},"modified":"2021-02-24T04:49:04","modified_gmt":"2021-02-24T01:49:04","slug":"indian-banks-put-crypto-traders-accounts-under-the-microscope","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/indian-banks-put-crypto-traders-accounts-under-the-microscope\/","title":{"rendered":"# Indian banks put crypto traders&#8217; accounts under the microscope"},"content":{"rendered":"<p>&#8220;<strong># Indian banks put crypto traders&#8217; accounts under the microscope <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Cryptocurrency traders and investors in India are among the latest casualties in an increasing trend of personal account<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/after-taxman-banks-ring-warning-signals-for-customers-investing-trading-in-cryptocurrency\/articleshow\/81083303.cms\"> closures<\/a> by global banking operations.\u00a0<\/p>\n<p>India\u2019s parliament is currently contemplating a nation-wide crypto ban which local industry critics, such as former Coinbase CTO Balaji Srinivasan have compared to \u201cbanning the internet for five years.\u201d<\/p>\n<p>The Economic Times reports that customers of private banks in India, such as HDFC, HSBC and Citi, have been <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/after-taxman-banks-ring-warning-signals-for-customers-investing-trading-in-cryptocurrency\/articleshow\/81083303.cms\">receiving<\/a> notices this year asking them to clarify crypto-related transactions, often requiring them to visit their local bank branch in person. If such clarification is not received, accounts are at risk of being suspended or seized. One letter to an affected customer states:<\/p>\n<blockquote><p>\u201cTo comply with the regulatory guidelines, banks are advised to exercise  due diligence by closely examining the transactions carried out in the account on an ongoing basis to caution users, holders and traders of virtual currencies including Bitcoins regarding risks.\u201d<\/p><\/blockquote>\n<p>In 2020, India\u2019s Supreme Court reversed an order from the Reserve Bank of India in which banks were asked to discontinue provision of services to cryptocurrency traders.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Banning <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> will be an backstep for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/India?src=hash&amp;ref_src=twsrc%5Etfw\">#India<\/a> in the international community.<br \/>I hope our leaders will take positive steps to ensure to regulate the Cryptocurrency space in India.<br \/>Don&#8217;t <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BAN?src=hash&amp;ref_src=twsrc%5Etfw\">#BAN<\/a>, Just <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/REGULATE?src=hash&amp;ref_src=twsrc%5Etfw\">#REGULATE<\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a>  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/IndiaWantsCrypto?src=hash&amp;ref_src=twsrc%5Etfw\">#IndiaWantsCrypto<\/a>  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/TryCrypto?src=hash&amp;ref_src=twsrc%5Etfw\">#TryCrypto<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/IndiaWantsBitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#IndiaWantsBitcoin<\/a>  <br \/>Jai Hind <\/p>\n<p>\u2014 Karthik Konaar (@karthikkonaar95) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/karthikkonaar95\/status\/1362245289868861440?ref_src=twsrc%5Etfw\">February 18, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>India\u2019s parliament is expected to enact a new bill that will further restrict the financial activities of traders, and prominent members of the Indian cryptocurrency community have spoken up against it. Sathvik Vishwanath, CEO of India-based exchange Unocoin,<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/is-india-about-to-miss-the-bus-in-leveraging-cryptocurrency\/articleshow\/81107495.cms\"> believes<\/a> that a move in the opposite direction is needed to encourage growth of the fintech space in his country. \u201cWith crypto by her side,\u201d he said, \u201cthe country can bank the massive unbanked population.\u201d<\/p>\n<p>Banks are also preemptively closing customer accounts deemed to be associated with funds moving in or out of cryptocurrency exchanges in a number of countries.<\/p>\n<p>On Feb. 5, the Central Bank of Nigeria prohibited financial institutions operating in the country from \u201cfacilitating payments for cryptocurrency exchanges,\u201d leading to the im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te closure of bank accounts associated with exchanges and the individuals behind them.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">They closed 5 bank accounts because I purchased crypto&#8230; I now have no bank account except my ledger wallet&#8230; I guess I\u2019m my own bank now<\/p>\n<p>\u2014 Bashue Banks (@BashueBanks) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BashueBanks\/status\/1357682746106249221?ref_src=twsrc%5Etfw\">February 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In the U.K., HSBC recently<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.thetimes.co.uk\/article\/bitcoin-holders-barred-from-depositing-profits-in-uk-banks-pgswbfrdz\"> stopped<\/a> accepting transfers from cryptocurrency exchanges altogether. Lloyds Bank, a British retail and commercial bank, has also been ramping up efforts to dissociate themselves with cryptocurrency traders, as experienced by podcaster Peter McCormack in a Feb. 22<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterMcCormack\/status\/1363898264878211072\"> tweet<\/a>. However that may be a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterMcCormack\/status\/1364147565932007425?s=20\">self inflicted wound<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/79fb0a03-0835-459c-8932-e3c41a7325c1.png\"><\/figure>\n<p>A long-time Bitcoin investor based in the U.K., who wishes to remain anonymous, told Cointelegraph that major banks across Europe are increasingly distancing themselves from crypto traders. He said that new accounts are being turned away from banks on the basis of their involvement with crypto.<\/p>\n<p>\u201cI was looking to openly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach a new bank and be up front about it,\u201d he says. \u201cBut I met a brick wall.\u201d The investor claims to have put \u201csix figure amounts\u201d through HSBC \u201cwith no issues,\u201d but that legacy accounts are being treated differently than newcomers.<\/p>\n<blockquote><p>\u201cIf you don&#8217;t tell them and you&#8217;re already in, it seems fine. But if you ask, it&#8217;s a &#8216;no&#8217;.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/indian-banks-put-crypto-traders-accounts-under-the-microscope\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Indian banks put crypto traders&#8217; accounts under the microscope &#8221; Cryptocurrency traders and investors in India are among the latest casualties in an increasing trend of personal account closures by global banking operations.\u00a0 India\u2019s parliament is currently contemplating a nation-wide crypto ban which local industry critics, such as former Coinbase CTO Balaji Srinivasan have&#8230;<\/p>\n","protected":false},"author":1,"featured_media":187387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvNjViODU4YjAtYWJkOC00Y2JjLTgyN2ItMjdiMWNiODk4ZmYyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74858,74863,70934],"class_list":["post-187386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-regulation","tag-cryptocurrencies","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/187386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=187386"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/187386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/187387"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=187386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=187386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=187386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}