Recently, The Economic Times reported that top banks have suspended some accounts of major bitcoin exchanges in India. Mint has seen a copy of one of the letters sent out to a bitcoin exchange for closure of its current account from ICICI Bank Ltd. Questions sent to ICICI Bank have not elicited a response. Other bitcoin exchanges too have got letters of closure from some banks. “We have got letters. I have seen the letters and they (banks) say ‘we feel this is risky’. That is the risk perception that the bankers are taking,” said Ajeet Khurana, head, Blockchain and Cryptocurrency Committee of India (BACC), a self-regulated organization.
Why are banks shutting the accounts?
