Indian Bitcoin Exchange’s Bank Account Unfrozed

Zebpay, one of India’s leading Bitcoin Exchanges bank account was blocked on the Debit side by the police last week. It was due to a bitcoin controversy that also involved Bank Of Maharashtra.

The controversy involved four criminals who hacked the UPI app of Bank Of Maharashta (BOM), siphoned off nearly INR 6.14 crores (nearly $1 million) and the invested some if it in Bitcoins.(click here to read full article)

Bitcoins was purchased through Zebpay and other two companies, all of them based in Gujrat. Consequently Bank of Maharashtra demand anti-Bitcoin actions against these companies and tin turn Police frozed the bank account of Zebpay on debit side, which means the company could not withdraw or transfer any amount of money.

Zebpay in return claimed that it follows strict KYC (Know Your Client) policies and therefore every transactions is traceable. Same happened and the transactions of purchase of bitcoins by the accused who siphoned off the amount from BoM was tracked and identified.

Police have now unfrozed the bank account of Zebpay.

But this controversy alarmed Zebpay and it made it’s KYC policies more strict. Zebpay in a recent tweet announced that “7th May onwards, KYC is compulsory for all transactions on Zebpay including sending/receiving bitcoins, airtime recharge or buying vouchers”

Bitcoin controversies were coming up regularly around the world. Also two major controversies in India were also reported ,including this one.

The other one was where the accused were selling drugs in US and were receiving payments through Bitcoins.(click here to read full story)

Bitcoin controversies has forced the higher authorities all over the world and specially in India to examine and regulate Virtual Currencies like Bitcoin. Indian government has already established a committee to examine virtual currencies and give it’s suggestion report to government  by June. This report will help government to make it’s decision regarding regularization of Bitcoins and Virtual Currencies in India. (read full article)

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Also Read:

Police Arrests One Coin Affiliates

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