Sunday, August 25, 2019

Indian Bank Forcefully Closes Customer’s Account After Dealing With Cryptos

Indian banks seemed to take control of what’s left with cryptos in the country and customers are being targeted.

Bank Closes Account Due To Crypto

As reported by Indian CryptoGirl via Twitter, Kotak Mahindra bank — one of India’s major retail bank — forcefully closes bank account after finding out its activities with cryptocurrencies. The tweet was posted on Jan. 12 that now has 78 retweets — mostly sending their similar experiences with banks closing their account.

The twitter account also posted a picture of the ‘Termination Letter’ that was received by her, from the bank. It states:

“On review of the transactions done in your above-mentioned account, we have noticed that you have undertaken online transaction/s involving dealings in Bitcoin or a virtual currency. In this regards, you are requested to visit any of our branches to close your above-mentioned account. In case you fail to close the account within 30 days from the date of this letter, Bank shall be constrained to close the account,” bank said on the notice.

Follow, or Else

As earlier reported by BTCNN, a lot of major banks in India were said to be warning their customers against transacting with digital tokens. Once these activities were seen and observed in the bank accounts, the bank has a ‘reserve right to close the account without further intimation’, as stated in the agreements form in the banks’ website.

“Indian Banks now forcefully taking permission from us to ‘reserve right to close our account without further intimation’ if we deal in transactions. Ability to decide what to do with our own money is the very reason we need to invest,” posted by Indian CryptoGirl on Jan. 9

Central Bank In Action

Furthermore, Indian CryptoGirl believes that Indian banks are now being controlled by the Reserve Bank of India (RBI) since the central bank already sided against virtual currencies. As RBI stated on their announcement:

“IN VIEW OF THE ASSOCIATED RISKS, IT HAS BEEN DECIDED THAT, WITH IMMEDIATE EFFECT, ENTITIES REGULATED BY RBI SHALL NOT DEAL WITH OR PROVIDE SERVICES TO ANY INDIVIDUAL OR BUSINESS ENTITIES DEALING WITH OR SETTLING VCS. REGULATED ENTITIES WHICH ALREADY PROVIDE SUCH SERVICES SHALL EXIT THE RELATIONSHIP WITHIN A SPECIFIED TIME.”

As noted, this unlawful act by Kotak Mahindra Bank against cryptocurrencies is now being applied to other institutional and commercial banks in India. Accordingly, Digibank — Indian mobile banking platform — also sends warning notices to its customers to prevent transacting cryptos, or the bank will terminate their services.

Related Article:  Central Bank Of Bahrain Issues New Crypto Regulations

Some banks also flashed crypto warnings on their ATM booths; making assumptions that India’s movement to erase cryptocurrencies in the country seemed to be moving forward rapidly.

More Articles

CEO Passes on With Password to Millions Worth of...

People die with knowledge pertaining to books, an art, or science, but in the crypto space, the extraordinary is bound to happen. That has...

Belgium Financial Regulator Blacklists 28 Sites on Allegations of...

The financial regulators of Belgium, FSMA (Financial Service and Market Authority) has released a list containing 28 new sites to join others that were...

Bladetec To Build UK’s Biggest Bitcoin Farm, Despite Energy...

A company called Bladetec is aiming to build the biggest crypto farm of all UK, with a starting budget of 10 million pounds. This...

What is a Security Token Offering?

Security Token Offerings (STOs) differ from regular tokens issued during an initial coin offering (ICO). They are backed by an asset, revenue,...

Largest German Food Delivery Portal With 13,000 Restaurants Accepts...

Lieferando.de, the largest German food delivery portal is accepting Bitcoin for food payments. The company which is owned by Takeaway.com connects to over 13,000 restaurants in...

These Are The Problems That Slow Cryptocurrency Adoption In...

Cryptocurrency is a big deal globally, but certainly not in Africa. This unfortunate reality is mainly due to the mediocre internet and the low...

Recent Decline in Bitcoin Price Casts Shadow on Bullish...

Bitcoin (BTC) price drops to about $3700 to quiet predictions of a bullish spark in price, and lows of $3300 should not be a...

Opera Web Browser Includes Ethereum Wallet In Beta Version

The renowned web browser Opera has made an interesting addition in their latest update: they have embedded a cryptocurrency wallet in his browser, according...

Serena Williams Invested In Coinbase Crypto Exchange As Revealed...

Serena Jameka Williams, an American professional tennis player, and four times Olympic gold medals winner revealed that in 2014 she had set...

Coinbase Expands to Japan, and Confident of FSA Approval

Popular cryptocurrency exchange, Coinbase, has revealed plans to expand its territory to Japan and is increasingly confident of receiving approval from Japan’s Financial Services...

Huobi Follows OKEx to List Gemini (GUSD) and Three...

Huobi, one of the biggest crypto exchanges in the world, has released an official statement informing the public of its recent listing of four...

Bitcoin Enriched Individuals Builds A Home Off The Coast...

The promise of freedom is what Bitcoin and other virtual currencies hold. Also, the immense profits from investing in these virtual assets can enable...

Latest Articles

Why Some Financial Bubbles Are Necessary Economic Disasters

Microsoft 70-411 Exam: Everything You Need to Know

We can’t deny the fact that the world is moving towards the future faster than ever before. Not a day goes by that we...

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...