KATHMANDU: Three individuals have been arrested for their involvement in the transaction of cryptocurrency, a virtual currency banned in Nepal.

Acting on a tip-off, a squad of the Valley Crime Investigation Branch on Monday rounded up New Road-based entrepreneurs 22-year-old Anup Mishra, Dipesh Thapa, 24, and Rahul Chauhan,27.

Police said they have made a transaction of cryptocurrency worth Rs 667,900,000 in the last two years.

All the arrested were found to have been making transactions of illegal cryptocurrency by opening accounts in the site www.binance.com, the police investigation said.

According to police, their daily transaction of cryptocurrencies ranged from US$ 5,000 to 50,000.

Nepal Rastra Bank on August 14, 2017 had put a ban on the transaction of Bitcoin, the first cryptocurrency which was founded in 2009.