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WazirX likely to resume business with Kotak Bank months after private banks shut services to crypto exchanges

This development comes 8 months after MediaNama reported how private banks shut off its banking services to crypto exchanges

WazirX is looking to open business with Kotak Mahindra Bank, and although sources said that a formal tie-up has been established, operations have not yet commenced. This development, first reported by Economic Times, comes eight months after MediaNama broke a story on how private banks, including Kotak Mahindra, shut off its banking services to cryptocurrency exchanges in India. Although WazirX co-founder Nischal Shetty said that that cryptocurrency exchange does not have any operational relationship with any bank, he did not categorically deny the tie-up which sources say have been made on paper. The ET story attributing to an unnamed source said that WazirX's account on Kotak will be used to pay and receive money from investors on the exchange. We have reached out to Kotak Mahindra for a comment on the matter. WazirX does not have any operational relationship with any bank as of now. Unfortunately, banks seem to be wary of dealing with exchanges despite the Supreme Court's verdict and RBI's recent circular. We continue to engage with various banks with a view to help them understand blockchain and cryptos better... We hope that it encourages banks to update their compliance teams and provide banking access to Indian crypto exchanges -- Nischal Shetty, co-founder, WazirX to MediaNama The ET report also said that Kotak Mahindra is also in talks with other crypto exchanges for resuming business. On reaching out to CoinDCX, a spokesperson said that the exchange has already onboarded a few banks on its platform. Although the ambit…

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Among other subjects, I cover the increasing usage of emerging technologies, especially for surveillance in India

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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