Bigger India
Top banks suspend accounts of major Bitcoin exchanges in India
Although India hasn't banned Bitcoins, the cryptocurrency is largely unregulated.
Top lenders including State Bank of India, Axis BankBSE 1.12 %, HDFC BankBSE 1.00 %, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions, three people aware of the development said.
The banks have also sought additional collateral from the promoters of these exchanges on their borrowings and have capped cash withdrawals from the few accounts that are still operational.
“Since last month, banks have been asking for additional collateral with 1:1ratio,” a person with knowledge of the matter said.