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
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