SBI's action against bank account holders dealing in crypto - page 2.

erikalui

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Quote from: akram143 on January 12, 2020, 07:56:35 AM

Possibly,when huge transactions are happening between two saving accounts and even in current account receiving big amount from random third parties with no company account has chances of getting caught but someone who has limit less than a lakh per month will be out of radar for sure from my experience.

Private sector banks don't question users like state banks but banks like ICICI, HDFC, SBI all are more interested in such big transactions. The smaller banks don't have so much interest in user's funds.

akram143

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Quote from: erikalui on January 12, 2020, 04:44:40 AM

Quote from: akram143 on January 12, 2020, 01:18:56 AM

When sender of money writes something related to cryptos while making deposit of doing IMPS or UPI then this will bring an alarm to our account and they will watch changes in activity and if it got more transactions related to cryptos then possibly get blocked without noticing about retriving.

I guess even if the sender doesn't mention anything but is caught having crypto deals earlier, they'll question the source of funds every time. This situation has existed since years as even in 2016, the banks were terribly against crypto transactions and considered them illegal but now they have become even more strict by closing the accounts. Do they have a right on the funds too? Want to know from the affected users whether they managed to reopen their accounts and remove the funds.

Possibly,when huge transactions are happening between two saving accounts and even in current account receiving big amount from random third parties with no company account has chances of getting caught but someone who has limit less than a lakh per month will be out of radar for sure from my experience.

erikalui

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Quote from: akram143 on January 12, 2020, 01:18:56 AM

When sender of money writes something related to cryptos while making deposit of doing IMPS or UPI then this will bring an alarm to our account and they will watch changes in activity and if it got more transactions related to cryptos then possibly get blocked without noticing about retriving.

I guess even if the sender doesn't mention anything but is caught having crypto deals earlier, they'll question the source of funds every time. This situation has existed since years as even in 2016, the banks were terribly against crypto transactions and considered them illegal but now they have become even more strict by closing the accounts. Do they have a right on the funds too? Want to know from the affected users whether they managed to reopen their accounts and remove the funds.

akram143

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Quote from: erikalui on January 10, 2020, 04:58:23 AM

Nationalized bank accounts should never be trusted or used while dealing with crypto. Also, how can these banks even know about crypto transactions when the deals are p2p?

When sender of money writes something related to cryptos while making deposit of doing IMPS or UPI then this will bring an alarm to our account and they will watch changes in activity and if it got more transactions related to cryptos then possibly get blocked without noticing about retriving.

Clement Kaliyar

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Quote from: erikalui on January 10, 2020, 04:58:23 AM

Nationalized bank accounts should never be trusted or used while dealing with crypto. Also, how can these banks even know about crypto transactions when the deals are p2p?

It is not easy but if they really want to weed out the transactions then they can really do that if you are getting transaction from different accounts across the country they can sort that out who is doing these transactions and they can question you about the different sources of money from different accounts, so it is possible if they really wanted to target users.

erikalui

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Nationalized bank accounts should never be trusted or used while dealing with crypto. Also, how can these banks even know about crypto transactions when the deals are p2p?

rsarkar

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PSU banks care less about closing accounts on the basis of complaints as compared to private banks.

sureshnsnet

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I am using my sbi bank account at localbitcoins and other p2p crypto exchanges since more than 4 years with any issue and one of my friend using his current account also for p2p exchange. Maybe there is a chance to block your account if they identified the use of crypto-related then it will possible because of RBI rules.

akram143

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Quote from: rsarkar on January 08, 2020, 06:08:20 AM

There are numerous reports on bank accounts being closed/blocked due to dealings in bitcoin and other cryptos. The most affected are the customers of Kotak bank. Is there any specific report where an individuals or business bank account has been closed by State bank due to similar reason?

I had also done trading with my SBI account and never get any issues with that because I never done trading for huge amount so if you forund that you are dealing with cryptos then chances of account will be freezed since RBI warned them to do so.

Clement Kaliyar

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Quote from: rsarkar on January 08, 2020, 06:08:20 AM

There are numerous reports on bank accounts being closed/blocked due to dealings in bitcoin and other cryptos.

I am hearing about these rumors but i have not seen any users reporting here about account blockage.

Quote from: avikz on January 08, 2020, 09:03:43 AM

There have been few incidents related to hacked accounts. Where FIR was registered against a few peopl because they had received money from those hacked accounts! I don't know about any other incidents about account closure!

This is true, hacked credit cards are used to purchase coins and the accounts that got these amounts are scrutinized and questioned, other than than i have not heard any users complaining about account closure because they are dealing with bitcoin and other crypto.

avikz

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Frankly, I didn't see any such reports related to Indian bank accounts in recent times! How did you came to know that the accounts are being closed? Can you please share any link or a screenshot of a communication on a similar line? Even I am shocked to know this!

There have been few incidents related to hacked accounts. Where FIR was registered against a few peopl because they had received money from those hacked accounts! I don't know about any other incidents about account closure!

rsarkar

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There are numerous reports on bank accounts being closed/blocked due to dealings in bitcoin and other cryptos. The most affected are the customers of Kotak bank. Is there any specific report where an individuals or business bank account has been closed by State bank due to similar reason?

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