Bitcoin traders are taking a hit from afterhours trading

A Bitcoin trader in India who sold the digital currency to a buyer for $30,000 on the trading post has been banned from trading in the country after he was caught using a false name and identity documents to buy shares of the digital cryptocurrency.

The unidentified buyer paid the $30k price for a share of BitMEX (BMIX), an online trading platform that facilitates trading of Bitcoin, the cryptocurrency that is widely considered a “digital gold” that is more secure and more reliable than traditional assets.

He claimed to be from the U.S. and to have “the best bank account in the world” and to be “a true believer in Bitcoin”.

The buyer, identified as “Shane”, was charged under India’s new anti-money laundering law and the regulator has ordered him to appear before the Mumbai court for questioning.

“The regulatory agencies are not amused.

The transaction was done in bad faith and it’s now banned from entering India,” a senior official at the Bombay High Court told the Hindustan Times.

Shane said he sold shares in BitMex, a digital trading platform, on Wednesday night after his bank account was closed.

He was asked to provide a valid and current bank statement to prove that he had a valid bank account, he said.

“We will file an application with the Bombay high court against the man for fraud.

He has to produce his bank statement and all other documents and prove that the transaction took place,” he said, adding that the man would have to appear in court on Friday.

India has recently cracked down on “virtual currencies” such as Bitcoin and other cryptocurrencies, in a crackdown that has prompted many businesses to seek to skirt regulations and trade in illegal forms of payment.

The government recently introduced new regulations that will ban most foreign exchange trading in digital currencies such as Bitcoins and other digital currencies, which are widely viewed as a safer and more secure alternative to traditional assets such as gold.

The move came as India has seen a surge in the amount of Bitcoin being traded in the past few weeks.

The regulatory authorities have also ordered a ban on all other forms of digital currencies in the Indian market, including Bitcoin and the digital asset ether, which were banned last year in the wake of a global crackdown on the digital currencies.