ICICI Bank closing accounts involved in bitcoin trading?

[Blackshadow007]

wow this is bad ... First Kotak now ICICI

This is old news, they keep saying this but never act on it. Part of the reason being the whole shabang is untraceable.
Tip : get a B2 account if its available in your city and stick to it. Back when I was trading actively I used my B2 account extensively. Will not go into the details of the entire turnover but it was a lot. And this was after RBI made their rules more stringent in (and after) 2008.

Just use Moneypolo and transfer to any exchange accept SEPA Transfer .

[RocketSingh]

wow this is bad ... First Kotak now ICICI

This is old news, they keep saying this but never act on it. Part of the reason being the whole shabang is untraceable.
Tip : get a B2 account if its available in your city and stick to it. Back when I was trading actively I used my B2 account extensively. Will not go into the details of the entire turnover but it was a lot. And this was after RBI made their rules more stringent in (and after) 2008.

Just use Moneypolo and transfer to any exchange accept SEPA Transfer .

How to send money to a Moneypolo account from an Indian bank and how to receive back from it? Is it any different from sending to and receiving from a Japanese Bitcoin Exchange?

[SixOfFive]

Using Debit or Credit card for purchasing crypto-currency from any exchange outside INDIA is a violation to FEMA act,1999. This is a bank policy from quite long time and crypto has nothing to do with it. So if you want to purchase BTC, you should use Indian exchanges like Zebpay, Unocoin etc.

[Blackshadow007]

wow this is bad ... First Kotak now ICICI

This is old news, they keep saying this but never act on it. Part of the reason being the whole shabang is untraceable.
Tip : get a B2 account if its available in your city and stick to it. Back when I was trading actively I used my B2 account extensively. Will not go into the details of the entire turnover but it was a lot. And this was after RBI made their rules more stringent in (and after) 2008.

Just use Moneypolo and transfer to any exchange accept SEPA Transfer .

How to send money to a Moneypolo account from an Indian bank and how to receive back from it? Is it any different from sending to and receiving from a Japanese Bitcoin Exchange?

Register with them and make yourself verified level 2 and you can use freely . Simply upload funds via your card 4.17% cost plus exchange rate from INR to EUR / USD cost approx 4% then transfer SEPA to any exchange accept EUR . This way you are not depositing to Direct crypto exchanges and besides you will get VISA Physical card from Moneypolo for your cash withdrawals which limit 2000$ per day and which good addition too . Also you can use withdrawals via Cash method via Muthoot Finance , Manapuram Money transfer which affiliated with Moneypolo .

[Johny8469]

Can u provide some authentic link to substantiate your claim?

Here you go, https://www.hdfcbank.com/assets/popuppages/forex_rbi_guidelines.htm

Swift transaction is illegal on at least three individual points.
2. IV) altered your assets which is not allowed
2 VI) transferred amount to account which doesn't belong to your close relative. Beneficiaries accounts last name should be same with sender's account last name. This has only one exception if you are going outside for education then you can transfer to your own account name.
2 VIII) bought Bitcoin or such virtual currency.

Government has a really simple option to get a list of all illegal international transactions done till now all they have to do is cross check sender's last name with beneficiaries last name. if they are not same most of these transactions become illegal then and there. Government hasn't done it till now that does not mean they will never do it in future.

[sarojan9980]

again bad news first from kotak now from ICICI bank. they are asking to give money transaction details. it is difficult to provide. why they are asking all details about transactions.

[ziyush]

I Am dealing with ICICI bank form long time and all altcoin and bitcoin is purchased from icici bank account only they never blocked my account
there may be some other reason

[legendster]

B2 is useless piece of crap. You can only transfer 25k INR through it.
Edit: it's not available anymore for new customers.

Which is what makes it the absolute best type of account for newbie traders. I personally never encountered the cap because I never let my individual transaction volume exceed 20k. 

PS: You can get new B2 accounts by filling out the form in the branch. The city has to support b2 banking though.

[venkateshbk9535]

i am also feeling sad about this news. first this will happen in kotak again in ICICI Bank. so what will happen in the next step. i have doing transactions with ICICI Bank itself.

[legendster]

i am also feeling sad about this news. first this will happen in kotak again in ICICI Bank. so what will happen in the next step. i have doing transactions with ICICI Bank itself.

Did you miss the part where we've been saying that this is nothing new? Or did you even read the responses at all?