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06 March 2021

Indian banks put crypto traders' accounts under the microscope

Indian banks put crypto traders' accounts under the microscope


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In 2020, India’s Supreme Court reversed an order from the Reserve Bank of India in which banks were asked to discontinue provision of services to cryptocurrency traders.

Banks are also preemptively closing customer accounts deemed to be associated with funds moving in or out of cryptocurrency exchanges in a number of countries.

5, the Central Bank of Nigeria prohibited financial institutions operating in the country from “facilitating payments for cryptocurrency exchanges,” leading to theimmediate closure of bank accounts associated with exchanges and the individuals behind them.

He said that new accounts are being turned away from banks on the basis of their involvement with crypto

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cointelegraph.com
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