De-freezing bank accounts of crypto P2P traders: A Legal primer
Peer-to-Peer (P2P) crypto transactions executed by Indian traders have reportedly increased significantly in the last few years. These P2P transactions are execut...
Introduction
Peer-to-Peer (P2P) crypto transactions executed by Indian traders have reportedly increased significantly in the last few years. These P2P transactions are executed between users of the exchange whereas the exchange only provides the platform and is not a party to the transaction. Most of the exchanges only allow verified users to trade through P2P, therefore, individual traders sometimes do not collect KYC documents of the other party.
One of the most common problem faced by P2P traders in India is freezing of bank accounts pursuant to an order of the police or other investigation agencies.
“A frozen bank account should be handled with careful evidence, cooperation, and a clear legal strategy.”
