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India is an important nation for cryptocurrencies and digital assets. We have seen an increased interest in trading digital assets through centralized platforms. It now seems two of these trading platforms will need to shut down their service as of tomorrow. This decision is the direct result of mounting regulatory pressure in the country.
Things are not looking all that great for Btcxindia and Ethexindia. Both of these platforms will suspend cryptocurrency trading starting tomorrow. It is unclear how long this situation will last, although it may be for quite some time to come. Both of these trading platforms have become rather popular in India over the past few months. Btcxindia is one of the oldest Bitcoin exchanges in the country as of right now.
Another Worrisome Development in India
It seems the regulatory pressure in India is getting the best of these two platforms. This is rather worrisome, considering how the local government is actively working on cryptocurrency regulation. No details regarding this regulation have been made public at this point. It is possible India may curb cryptocurrency trading altogether, albeit that has not been officially confirmed.
For now, users are advised to withdraw their funds as soon as possible, Anyone keeping funds on either platform will be subject to annual wallet maintenance fees. INR and cryptocurrency deposits are halted already, with withdrawals remaining accessible for the remainder of today. All trading activity will be suspended starting tomorrow until further notice. The parent company operating both platforms has yet to make their future course of action public.
It remains unclear what the future holds for cryptocurrency in India. This latest development paints a worrisome outlook. That doesn’t mean India will crack down on this form of money altogether, yet it’s not exactly promising either. It is evident the local government wants to discourage cryptocurrency trading as much as possible. Whether or not they will be successful in doing so, remains unknown. For now, the uneasy situation remains, although no other exchanges face any extra regulatory pressure that we know of.
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