Indian Banks Are Suspending Bitcoin Exchange Accounts

Bitcoin exchanges are under strict observation in India. According to a report, many of the Nation’s top banks have begin to suspend functionality of Bitcoin on Exchange accounts. State Bank of India, HDFC bank, ICICI bank and Yes Bank have all taken action towards Crypto exchanges and wire transfers. The action includes closing of accounts or limiting the functionality of those accounts.

According to Cointelegraph, the action is taken on the request of advocate Bivas Chatterjee who has filed a public interest litigation (PIL) in Calcutta. Advocate has requested to impose restrictions on Bitcoin and all other Cryptocurrencies

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After increasing scrutiny of Bitcoin and other cryptocurrencies from Governments, private banks are removing support for exchanges in some countries. In this recent series of action, Metropolitan Bank has put an immediate halt on all cryptocurrency exchanges as well as wire transfers.

Via: Coin Telegraph

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