Crypto exchangeNews

Two Indian Exchanges shuts their shop

A discouraging news for Indian crypto investors is that two Indian Exchanges dealing in cryptocurrencies have decided to shut their shop from March 2018 onwards.

BTCXIndia and ETHEXIndia have informed their customers via an email that they are discontinuing their trading service citing the “stress” caused on their business by the stance of Indian government on cryptocurrencies. Both the exchanges have a message displayed on their website since January 2018 that no more deposits are accepted and any new deposits would be send back to the investors account.

BTCXIndia, opened in 2014, have told its customers to withdraw their funds before March 4,2018 otherwise an annual wallet maintenance fee will be applied. Similar message was also circulated by ETHEXIndia, opened in 2016, which has given 28 Feb as the last date to draw funds out.

Life has not been easy for Indian exchanges with regular negative comments from Indian government going against the cryptocurrencies. In January 2018, several banks in India limited and suspended accounts of crypto exchanges, citing risk for illegitimate transactions.

Although BTCXIndia plans to launch their own Blockchain lab, Schain Labs, on March 9, to solve real world problems using Blockchain technology.

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