HSBC, HDFC and Citi are now requiring crypto traders in India to provide information about their activities or risk losing their funds.
Cryptocurrency traders and investors in India are among the latest casualties in an increasing trend of personal account closures by global banking operations.
India’s parliament is currently contemplating a nation-wide crypto ban which local industry critics, such as former Coinbase CTO Balaji Srinivasan have compared to “banning the internet for five years.”
The Economic Times reports that customers of private banks in India, such as HDFC, HSBC and Citi, have been receiving notices this year asking them to clarify crypto-related transactions, often requiring them to visit their local bank branch in person.