Bitcoin and other leading crypto-currencies exchanges are facing heat across the World. After South Korea and Indonesia, top banks in India have announced the suspension of leading Bitcoin exchange accounts. State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have all taken strong action toward crypto exchanges, either stopping conversion support due to the apprehensions of some dubious transactions.
Though Bitcoin trading has not been legally banned in India as of now, the crypto-currencies have remained largely unregulated.
Top Government and Private banks in India including State Bank of India, Axis, HDFC, ICICI Bank and Yes Bank have suspended the accounts of major Bitcoin exchanges in India, suspecting dubious transactions. Action has been initiated against the top 10 Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia.