Indian Banks Suspending Bitcoin Exchange Accounts

Jan. 21 update: This article originally mistakenly claimed that the Metropolitan Bank put a halt on all wire transfers for cryptocurrency exchanges. According to a statement issued by the Metropolitan, there were no changes in its policy and the ‘halt’ was misreported by the media. We apologize for the confusion this article might have caused.

Bitcoin exchanges are under fire in India, as many of the nation’s top banks have suspended or greatly curtailed functionality on exchange accounts. State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have all taken strong action toward crypto exchanges, either closing accounts or severely limiting functionality. The banks cite the risk of dubious transactions, according to local reports

Read Full: Indian Banks Suspending Bitcoin Exchange Accounts