FEMA violation notice for trading on CEX.io
Inspite of their high charges CEX.io is still the easiest and most hassle free way for buying Bitcoin and Ethereum for newbies. It could be in terms of ease of use, ability to buy bitcoin without the KYC or with respect to the ready made templates for buying the cryptos.
It was all hunky dory and until I got a notice from Citibank India stating that I have violated the guidelines mentioned under Foreign Exchange Management Act (FEMA). The notifications that is cited in this caution letter is https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8427&Mode=0 I went through the details and it seems like it is only a caution letter :P I am discussing this with my Chartered Accountant and once I get an advice I will update in the comments section.
I am adding the scans of the notice and the form that needs to be filled and submitted in Citibank branch.
Undertaking Form to be submitteed
I am sure that many Indians have purchases bitcoins from CEX.io. Would like to know if anybody else have got these so called caution letters. They have not mentioned any final dates for the submissions. So I am planning to wait for a couple of days to see if anybody else have got these notices and what they are planning to do.
Would love the feedback from Indian Cryptosphere.