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Indian Exchanges Suspended due to suspicious activities

Few of the top banks like HDFC bank, ICICI Bank, Axis Bank, State Bank of India, and Yes Bank have suspended the accounts of few top-performing financial institutions. India has been trying to bring the regulation for cryptocurrencies and country’s major banks have taken the decision to shut down accounts due to suspicious activities.

Suspicious Transaction reports needs to be filed by the banks if they find something out of the ordinary. One of the bankers stated,

“We have asked some of these companies to explain the businesses that they are involved in and why it was not specified when opening the accounts. We will also be flagging some of these suspicious transactions with the concerned agencies.”

Most of the exchanges have been targeted like Unocoin, Zebpay, BtcxIndia, and CoinSecure. But most have them claimed that they haven’t received any word about such action.

Another bank has claimed,

“Reserve Bank of India has not issued any directive to us, it’s a cautionary move on our part. We are wary about the purpose for which some of these current accounts are being used.”

Authorities are also looking for tax implications of these exchanges as these platforms produce high revenue and strong margins. In India, taxation on cryptocurrencies remain uncertain like any other country but few exchanges have approached Authority of Advance Rulings to determine if exchanges require to pay GST.




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