Two cryptocurrency exchanges in India has announced to stop trading on March 5. The platform noted that this is due to regulatory pressure, which gives them «lots of problems». The Economic Times reports that this was stated by the exchange Btcxindia and Ethexindia.
The publication notes that a total of more than 35,000 people use these platforms. Btcxindia, which is one of the oldest bitcoin exchanges in the country for the fourth year running. But last year, the platform has reduced the volume of trade bitcoins and start a trade Ripple (XRP) to Indian rupee (INR). Btcxindia recently published the following notice on their website:
«Customers are advised to withdraw their funds (BTC, XRP and INR) not later than 4 March 2018, otherwise it will come into force the annual fee for service wallet… Trade XRP/INR will be stopped from March 5, 2018.»
Ethexindia — «the first exchange of air in India», as stated on the website site. Platform that offer trading with ether (ETH) for the rupee in the past two years, also stopped depositing funds in INR and ETH.
«Deposits, if any, will be automatically refunded to the respective Bank accounts,» the company said, adding that «trade ETH/INR was suspended from March 1, 2018. Customers are advised to bring their INR and ETH».
Both exchanges are managed by the company S Capital Solutions Pvt Ltd. In addition to these two platforms S Capital also owns a 12% stake in the company Crypt E Tech Solution behind the payment system Blockonomics.
Regulatory pressure is increasing
The Indian government has engaged in a discussion on regulatory framework for the regulation of cryptocurrencies and digital tokens two years ago. It was reported that the government distributed between the regulators role in monitoring the cryptocurrency market and will soon be presented
the law, which will control the use of cryptocurrencies. Btcxindia recently announced to its users:
«According to the statement of the Indian government, it intends to prevent the trade in cryptocurrencies. That was evident based on the actions of the authorities last year, which gave our business a lot of problems and has led to the fact that we can no longer provide services at the same professional level».
The company stressed that «until then, until new rules to govern operations in the public block chain, we suspend the operation of our trading platform,» adding that her activities will focus exclusively on providing consulting services in the field of blockchain.
Previously, we reported that the Indian cryptocurrency exchanges plan to create a common database of cryptocurrency traders and transactions, as well as about the intentions of the citizens of India to move
at cryptocurrency exchanges abroad to avoid the consequences of pressure regulators on the local site.