A major Indian bank is apparently taking action against customers that use cryptocurrencies. Kotak Mahindra shut down the account of one woman for making a crypto transaction.
Indian Crypto Girl (@DesiCryptoHodlr) posted the evidence of the banks's activities on Twitter. According to a letter she received, her account was being closed due to "online transaction(s) dealing in Bitcoin or a virtual currency". It claims that "the regulator" has mandated the banks to close accounts who do transactions in BTC or other cryptos, and it is following the necessary procedure.Although banks closing customer accounts that are linked to crypto is not a new phenomenon, it happens more often when a business has been conducting unregistered crypto activities on a relatively large scale, and assets are frozen by the bank, pending legal action. Taking action against individual retail customers is still relatively rare.
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