Crypto Involvement can Risk your Bank Account

CryptoFanholic

newbie

Activity: 88

Merit: 0

Quote from: Blackshadow007 on January 29, 2018, 11:54:14 AM

Well , today one of my friend told me about this , Kotak Bank sent Notice to him for his Crypto withdrawals and involvement .

https://i.imgur.com/MvC2CjG.jpg

well personally i never got any notice for my accounts but this is scary thing to see , if anyone else got similar notice from Bank then let me know in this thread . Seems like some Banks planning to close down accounts which have any VC or Crypto trade or transaction involvement .

That's just a caution mail

Forbiddenone

sr. member

Activity: 585

Merit: 251

I use public bank sbi for crypto transaction, I haven't faced any regulations regarding crypto.if you do higher transaction kindly pay capital gain tax then there is nothing to worry and if you are doing low transaction there is nothing to pay tax.recently my friend account was given notice he is stock trader ,so it is not about crypto only if you are doing or your bank account is linked with suspicious activity you will get notice.

Greendays

jr. member

Activity: 135

Merit: 2

In all this implies that if any notification is issued by rbi against cryptocurrency then account will be banned. In short banning itself will close all things.. untill these speculations.. don't know what the future is.. i advice to not store saving balance in this bank account. Just use it as exchange account.

sgk

legendary

Activity: 1470

Merit: 1002

!! HODL !!

We risk the account if RBI issues any such notice in future. Until then, no bank has any right to close an account on these basis.

agnosticpilgrim

newbie

Activity: 25

Merit: 2

I have an account with Kotak as well which I use to trade with Zebpay. I received the same notice. They have mentioned they will be forced to close my account without intimation *IF* there is such a notice from the RBI.

reliable

full member

Activity: 868

Merit: 151

All banks will follow the same as all come under RBI guidelines. It is a matter of time now that all banks will issue the notices to their clients to close the account if it is related to the virtual currency. So now we all are aware where the country is heading towards and what will the committee report be saying about the India's stand.

rsarkar

jr. member

Activity: 102

Merit: 5

I hope that not all banks follow the same principle.

amishmanish

legendary

Activity: 1904

Merit: 1159

Wow. This sucks.
If a blanket order comes from RBI to stop all transactions related to cryptocurrencies then we'll have to go back to trading through cash on localbitcoins.com.
I don't think it'd be that bad except that a lot of people who are in this for multiplying their investments will be either forced to sell-off or increase their vision.

The only problem is that there is only a very small percentage of Indian users who care for cryptocurrencies for the sale of cryptos. They all want a quick buck by investing in ripple or scam MLM's propagated by people like Amit Bhardwaj on his website.
Maybe a blanket ban will solve this problem even if by only a small measure.

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Well , today one of my friend told me about this , Kotak Bank sent Notice to him for his Crypto withdrawals and involvement .

well personally i never got any notice for my accounts but this is scary thing to see , if anyone else got similar notice from Bank then let me know in this thread . Seems like some Banks planning to close down accounts which have any VC or Crypto trade or transaction involvement .

Topic: Crypto Involvement can Risk your Bank Account (Read 202 times)