Crypto Traders’ Accounts shuttered by Kotak Mahindra Bank

Kotak Mahindra bank has demanded all customers to stop using their accounts for any transactions involving Bitcoin or any other type of cryptocurrencies
09 June 2018   1190

In its recent request, the bank issued a list of their immediate transactions to cryptocurrency exchanges. During the past few months Crypto trading in India is passing through a difficult period. This year, in April, the Reserve Bank of India (RBI) had published a circular asking all banks and financial institutions to stop operations with cryptocurrencies. Nevertheless, India`s Supreme Court delayed the decision on the matter until a final hearing in July 2018.

The cryptocurrency community is now concerned on 2 significant dates (July 5 and July 20) when the cryptocurrency future in India will be defined. Despite this fact,  Kotak Mahindra has gone full offensive singling out cryptocurrency traders in their bank. The bank in the circular alerts account keepers using their account for cryptocurrency trading. According to the statement, the bank will not be responsible or liable for a drop of any transactions, inconvenience, and the return of cheques or losses arising caused by the account closure.

In this regard, the bank does not encourage its customers using their accounts maintained with us for carrying out transactions involving any kind of crypto/virtual currencies and hence we request you to immediately stop transactions involving dealings in bitcoin or any kind of crypto/virtual currency from your above-mentioned account. In this case, it is observed that you have undertaken such transaction post receipt of this letter, you may treat this letter as an advance caution letter and bank will be constrained to close your account without giving any further intimation to you.
Kotak Mahindra Bank, India
Official Requirement

While it is probably that all banks may be obliged to shutter crypto accounts after Supreme Court’s verdict, Kotak Mahindra Bank is hurrying up, threatening to terminate bank accounts of crypto traders. Even although the judgment regarding crypto trading is still under consideration in the Supreme Court, the Kotak Mahindra Bank have made its own decision. 

BTC Invesment Profitability to Exceed Traditional Assets

This conclusion was made by Binance Research team in study "What Bear Market?"; since begining of the year the BTC has grown by more than 50%, while oil by 33%
08 May 2019   320

Since the beginning of the year, Bitcoin has grown faster than traditional market assets, including oil, technology companies, real estate and gold. This conclusion was made by Binance Research in the new study "What Bear Market?"

Since the beginning of the year, the price of Bitcoin has grown by more than 50%, while oil - by 33%, tech stocks - by 18%. The price of gold in five months slipped by 1%.

Recently, however, some factors have emerged that may put pressure on the price of Bitcoin. Thus, the recovery of BTC growth slowed down somewhat amid news of a hacker attack on the popular Binance exchange itself, as a result of which 7,000 BTC ($ 40.5 million) were stolen.

Another potentially negative factor for the price of Bitcoin could be the upcoming IEO of the Bitfinex exchange, where Tether stablecoins will be used to purchase LEO tokens for $ 1 billion. It can lead to situation when large players can may actively sell BTC.