Cryptocurrency investors in a fix as banks do not accept deposits from wallets

By:Vandita Jadeja 2018-01-31

Investors were unable to trade on some of the exchanges or withdraw money they had invested into their bank accounts.

A large number of retail investors face trouble with their cryptocurrency purchase since banks are not allowing them to deposit the money they earned from their trading on exchange platforms. Investors were unable to trade on the exchange as well as withdraw the money they had invested. They further mentioned that they were unable to file a complaint as the banks and the exchanges were blaming one another over the issue.

An investor mentioned that she had written to the exchange but they said they did not receive any money while the bank statement shows that the amount was credited. Banks are not offering any clarification on the same. Another customer complained that he was not able to withdraw his balance from the account which is now asking him to verify the bank account.

Blockchain and the industry body representing the cryptocurrency exchanges mentioned that the knee jerk actions by the banks in terms of closing the bank accounts of some exchanges have caused hardship to the citizens. It also mentioned that they will soon be holding talks with the banks in order to make them understand more about the emerging sector and the harmful effects of their reactions. Some of the top banks in the country had suspended accounts of major Bitcoin exchanges in the country on suspicion of dubious transactions.

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