Skip to main content

Partnership with crypto exchange WazirX: Large Indian bank opposes "ban on banks"



Kotak is India's leading private bank and now the first to open up to the crypto community, according to the Economic Times .


The banking giant announced that it has partnered with leading crypto exchange WazirX. With that, traders can now use his banking services to liquidate their funds. The partnership between the two parties is seen as a major breakthrough for the crypto community as banks in India have suspended crypto payments and withdrawals for the past eight months.


"WazirX has opened an account with Kotak that can be used to receive and pay out money to investors who trade on the exchange. The account has yet to be released. Paperwork, identity checks and some tests are currently in progress" , according to a source from the area.


Private banks in India did not want to do business with crypto platforms because the regulation was unclear. They often refer to a circular from the Central Bank of India to explain their refusal, which is no longer valid. 


Cointelegraph approached WazirX and Kotak for comments, but received no response at the time of going to press.


The aforementioned central bank circular dates from 2018 when it instructed banks not to offer any services . The circular was invalidated by the Supreme Court in March 2020 and allowed banks to offer services again . However, the actual behavior of the banks has hardly or not at all changed as a result. 


In this context:  New documents show: India wants crypto regulation and not bans


Rameesh Kailasam, the CEO of the industry lobby IndiaTech.org, explained why banks are refusing to offer services even after the Supreme Court ruling:


"After the RBI had told the banks in May of this year that they could not invoke the 2018 order as it was overturned by the Supreme Court, the banks were free to work with the cryptocurrency ecosystem. Since then, banks have been allowed to use it again the industry as long as they do due diligence on identity checks, AML, CFT, PMLA and FEMA, as well as reviewing their own financial health and risk positions. Banks that take care of all of these are therefore usually free to: to work with the industry. "

The partnership between the leading Indian crypto exchange WazirX and the well-known banking giant Kotak now signals positive crypto regulation that is gradually developing. The Indian government wants to discuss the cryptocurrency law in the current winter session of parliament. Industry insiders suspect that the government wants to regulate digital assets as an asset class, rather than a general ban.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more