India’s Biggest Bitcoin Exchanges See Bank Accounts Frozen: Report
According to a report by the Indian news publication, The Economic Times (ET), bitcoin exchanges in India may be facing some disruption from the country’s top financial institutions. Over the past month since December 2017, several national banks, including State Bank of India, HDFC Bank, Axis Bank, Yes Bank and ICICI Bank, have frozen accounts belonging to select digital currency exchanges.
The suspension of bank accounts appears to be primarily motivated by the banking industry’s lack of faith in such businesses, especially since most exchanges have been largely operating on borrowed funds. Furthermore, of the Indian banks that haven’t imposed a complete suspension on the bank accounts, most have limited the amount of money that can be withdrawn within a single day.