Two Indian cryptocurrency exchanges, BTCXindia and ETHEXindia, said they would temporarily cease operations due to increased regulatory pressure from the government. These sites are very popular in India, and BTCXindia is also one of the first exchanges in the country to sell bitcoin.
Both platforms recommended that users withdraw their funds before March 4, 2018, otherwise their accounts will be charged an annual wallet maintenance fee. Back in January, exchanges stopped accepting deposits; amounts received after January 1 were automatically returned to the corresponding bank accounts of users. The parent company that operates both platforms has not yet announced its future plans.
Investors are concerned about the closure of these popular crypto exchanges, given that the government is developing regulation in this area.
It is not yet clear what the future holds for digital currency in India, and while other exchanges have not announced increased regulatory pressure, it is clear that the local government is trying to discourage cryptocurrency trading in the country.
According to http://www.livebitcoinnews.com
You May Also Like
Robinhood will launch a crypto wallet in early 2022
Popular brokerage app Robinhood Crypto has partnered with Chainalysis ahead of the launch of the Robinhood Crypto wallet.
Huobi Exchange may cancel trading of 32 cryptocurrencies
Huobi, one of the largest cryptocurrency exchanges in the world, recently published a list of 32 digital currencies that are at risk. The company marks with the “ST” label companies that issue tokens and do not publish their quarterly or semi-annual report on time twice in a row.
