And this happened!!

[pakhitheboss]

Approximately a month back Paytm froze an account suspected of cryptocurrency trading

Source

and yesterday I saw this



Why would Binance would collabe with Paytm? I am not sure whether WazirX is also allowing the same service.

I understand Paytm bank is different from Paytm wallet but a wallet is linked to a bank account. Is there a hidden agenda that Paytm is conspiring?

I would request fellow members not to use this service as anything can happen to your Bank account.

[akram143]

I did mentioned on different threads, banks are not freezing accounts just because they found crypto related activities in their transaction list, they only do when they suspect this used is involving in some kind of activities which goes against the laws of India and they are using bitcoins as payment mode for better anonymity.

Normally when we received money from hacked bank account or paytm account then your account will be locked until the case gets resolves and this is one of the main reason bank and paytm bank accounts got frozen.

[reliable]

This will put people in dilemma as what is happening as some were saying it has frozen the accounts related to crypto and now this ad shows otherwise. Though still the picture is not clear as hearing news that the constitution may pass the bill of ban in coming session and this would mean that it would have to stop all this thing.

[trappiprajesh]

I'm very skeptical about paytm. It is better to use it as before in the old way) there are no guarantees of the safety of your funds. As they say, a miser pays twice.

Maybe somebody here already used this paytm. Give us feedback.

[pakhitheboss]

I'm very skeptical about paytm. It is better to use it as before in the old way) there are no guarantees of the safety of your funds. As they say, a miser pays twice.

Maybe somebody here already used this paytm. Give us feedback.

I have not heard from anyone to date about using Paytm service for purchasing crypto on Binance. I am also eager to know if anyone here or has heard whether it works or not.

[allahabadi]

Are they using Paytm or Paytm UPI interface?
Cause you can see that in the same picture they even have Paypal and UPI given too.
If someone could clear the air on this!

[pakhitheboss]

Are they using Paytm or Paytm UPI interface?
Cause you can see that in the same picture they even have Paypal and UPI given too.
If someone could clear the air on this!

I had done some research before creating this topic,I am quoting a paragraph from one articles related to this collaboration.

Reserve Banks of India [RBI] had restricted banks from providing services in crypto assets to users in 2018, but Supre Court of India quashed this circular in March 2020. Despite this, the central bank has not redacted its circular from the website and banks have been holding onto this to flag users’ payments. Recently, HDFC bank too joined the league of banks – Axis and Kotak bank- in cautioning users about the “probable Virtual Currency transactions” reflected in their accounts and stated that the RBI guidelines prohibited such transactions.

I have been advocating on this board that avoid private banks because there are many issues with them. Things with banking is not that green as it is supposed to be.

https://www.digitalmarketnews.com/india-binance-p2p-supports-paytm-now/

[akram143]

Are they using Paytm or Paytm UPI interface?
Cause you can see that in the same picture they even have Paypal and UPI given too.
If someone could clear the air on this!

I had done some research before creating this topic,I am quoting a paragraph from one articles related to this collaboration.

Reserve Banks of India [RBI] had restricted banks from providing services in crypto assets to users in 2018, but Supre Court of India quashed this circular in March 2020. Despite this, the central bank has not redacted its circular from the website and banks have been holding onto this to flag users’ payments. Recently, HDFC bank too joined the league of banks – Axis and Kotak bank- in cautioning users about the “probable Virtual Currency transactions” reflected in their accounts and stated that the RBI guidelines prohibited such transactions.

I have been advocating on this board that avoid private banks because there are many issues with them. Things with banking is not that green as it is supposed to be.

Source

So RBI contempt supreme court's decision regarding the issues circular?

Literally they need to pay for it if they simplt freeze any accounts for crypto trades, so no need to worry much about it.

[avikz]

I did mentioned on different threads, banks are not freezing accounts just because they found crypto related activities in their transaction list, they only do when they suspect this used is involving in some kind of activities which goes against the laws of India and they are using bitcoins as payment mode for better anonymity.

Normally when we received money from hacked bank account or paytm account then your account will be locked until the case gets resolves and this is one of the main reason bank and paytm bank accounts got frozen.

Yeah! That's the most genuine justification I can think of. Whatever bank account freezing news we are receiving, are probably linked to some kind of unlawful activity. But as a common people, we have no source to know whether an account is linked with hacking/illegal activities in the past. That's where the risk is! Even though Indian banks can't be trusted in any way because they are super unethical in their dealings.

But I doubt that Binance or Paytm has entered into any partnership. It's just another payment method Binance has added to sell cryptocurrencies. I tried searching Binance and Paytm websites but couldn't find any news of official partnership whatsoever.

[allahabadi]

RBI hasn't withdrawn the circular if I'm not wrong, so banks can still close accounts without proper justification as of now. They need not be suspicious of any illegal activities or so.

This is actually unfortunate for RBI circular stands squashed and yet hasn't been withdrawn, infact I think the exchanges shud approach the court for it to order to withdraw the circular.

[akram143]

RBI hasn't withdrawn the circular if I'm not wrong, so banks can still close accounts without proper justification as of now. They need not be suspicious of any illegal activities or so.

This is actually unfortunate for RBI circular stands squashed and yet hasn't been withdrawn, infact I think the exchanges shud approach the court for it to order to withdraw the circular.

I don't think there is need of withdrawal process needed anymore since its clear that supreme court cancelled it,if any bank closing account just for cryoto trading then they are contempting supreme court's justice and can leads to serious legal problems for RBI governor.

[SaShiRaJaVu]

Why would Binance would collabe with Paytm? I am not sure whether WazirX is also allowing the same service.
I understand Paytm bank is different from Paytm wallet but a wallet is linked to a bank account. Is there a hidden agenda that Paytm is conspiring?

Why would they conspire as these sort of advertisement and luring users and then fighting a legal battle will get them in trouble rather than other way around. Binance and WazirX are one as they purchased them.

I would request fellow members not to use this service as anything can happen to your Bank account.

I will not accept Paytm from strangers, but i wont worry if i am doing it to my personal accounts in cryptocurrency exchanges and to my bank account. I am not using Paytm as they wanted me to visit their office and verify my identity and hence never bothered to do anything about that.