IPL ads, Dogecoin frenzy may have triggered ‘informal’ curbs on crypto exchanges

Indian banks enforced “informal restrictions” on cryptocurrency trading after concerns surfaced around money laundering at Indian crypto exchanges, the Dogecoin frenzy among investors and following an aggressive marketing push through repeated TV ads during the Indian Premier League (IPL), multiple industry sources said.

Since early this month, leading banks – notably private sector lenders ICICI Bank NSE -0.47 % and IndusInd Bank – have asked payment gateway partners to stop processing such transactions.