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India: Cryptocurrency-related transactions leads Digibank to close customer’s account

Namrata Shukla



India: Cryptocurrency-related transactions leads Digibank to close customer's account
Source: Pixabay

Recently, the Reserve Bank of India had prohibited Indian banks from providing assistance or services to cryptocurrency businesses. Following this development, banks have now added new terms in their customers’ contract, prohibiting them for using cryptocurrencies of any kind.

In recent developments, Twitter user @Indiabits21 tweeted about Digibank, a renowned bank freezing a customer’s account for reporting transactions related to cryptocurrency.

The user shared the photo of the message received from the bank’s end:

The bank made it clear that it cannot be in any relationship on behalf of the customer to any trader or broker that deal in digital assets and informed that the individual’s account will be shut within 30 days.

A few days back another Twitter user @DesiCryptoHodlr, tweeted about the terms and conditions required by one of the prominent banks, Kotak Mahindra Bank, as an example of the bank’s restrictions. The bank stated to take strict actions against those who disregard this condition. The user tweeted:

“Indian Banks now forcefully taking permission from us to ‘reserve right to close our account without further intimation’ if we deal in #cryptocurrency transactions
Ability to decide what to do with our own money is the very reason we need to invest, #BUIDL, & believe in #bitcoin”.

The banks have been forcing their customers to declare that they “will not deal with any transactions related to cryptocurrency including Bitcoins”. It states that the banks also reserve the right to close their accounts if there is a breach in the given terms and conditions, which is what Digibank did to the customer.

The banks are also displaying this message on the ATM screens. One of the messages displayed on the ATM screen was :

“Virtual currencies (VCs) are not legal tender and do not have any regulatory permission or protection in India. We request you not to make transactions involving any VCs from any of your account/s. For any such transactions, the bank shall be acting in accordance with the regulatory guidelines which include closing your account without further intimation.”

According to the banks, they are working in accordance with the RBI regulations.

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Binance sees ‘higher number of orders’ than peak Bitcoin frenzy of 2017; hints at iOS app for Binance




Binance exchange is seeing 'higher order number of orders' than peak Bitcoin frenzy of 2017; suggests iOS app for Binance
Source: Unsplash

Binance exchange, the world’s largest cryptocurrency exchange by trading volume, was reported to have problems with a couple of users since there was too much load on the exchange, especially with Web, PC, APP.

CZ tweeted:

He also added that there was much “Higher load” than 2017 when Bitcoin reached its all-time high since inception. Moreover, CZ also said that the APIs for the exchange were working fine and that the team was working on fixing the other issues.

In addition, CZ clarified his tweet about “higher load” as he tweeted:

However, at press time, Binance was the second largest exchange in the whole of crypto space, according to CoinMarketCap, with an adjusted 24-hour trading volume of $2.3 billion. Moreover, as per CMC, the 24-hour change in the trading volume for Binance decreased by 25.78%.

Moreover, Coingecko platform reported that Binance was the largest in terms of the trading volume; it had a normalized 24-hour trading volume of $1.36 billion and $2.38 billion adjusted trading volume.

Although the exchange was hacked a few weeks ago costing it 7000 BTC [now worth $55 million] the exchange, according to CZ, has been performing well enough.

A Twitter user @Khaleed_kareem0, commented:

“Sir, You need bigger servers for this heavy traffic like FB and google, also need to avail the app officially on the App store and update the IOS version All the support for U @binance”

CZ replied to him hinting that they were working with Apple to release an iOS version of the app.

“working with Apple on that one. crypto apps are tricky, it seems.”

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