Cryptocurrency Traders In India In A Fix After Some Banks Closed Bank Account Of Exchanges

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    As per a leading business daily, cryptocurrency traders and investors in India are in a fix as some of the banks have closed the bank accounts of cryptocurrency exchanges with them.

     Cryptocurrency Traders In A Fix After Some Banks Closed Bank A/c Of Exchanges

    In a rare instance, customers are facing issues wherein amount has been debited from their bank account for credit to exchanges on which they undertake trading in virtual currencies including bitcoins but the same is not showing in the account of exchanges.

    Also, some of the exchanges are not allowing trading in these cryptocurrencies or investors are not able to withdraw money they had invested for the purpose of trading. In some of the cases, banks are even not allowing money earned from trading in these tokens to be deposited in the bank deposits.

    In such a case, there is also no rescue or grievance redressal for such traders in place as both the exchanges and banks are not taking up issue.

    Earlier some of the banks have been reported to suspend the accounts of major bitcoin exchanges on fear of illicit transactions in them.

    Story first published: Monday, January 29, 2018, 11:22 [IST]
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