Two Indian exchanges BTCXIndia and ETHEXIndia halts cryptocurrency trading.

BTCXIndia and ETHEXIndia two of the oldest cryptocurrencies in India which started back in 2013 will halt trading on their platform from  March 5 as reported by Economic times. BTCXIndia is a marketplace for Ripple and ETHEXIndia is a marketplace for Ethereum.

Via an email to its customers, BTCXIndia communicated that with effect from March 1, 2018, they will not be accepting deposits. Any deposit received from the customers will be sent back to their bank accounts with immediate effect. Moreover, the customers signed with BTCXIndia have been advised to withdraw all their funds from the exchange.

In an email to its users BTCXIndia said, “It’s been 4 years since we opened BTCXIndia, and 2 years since we opened ETHEXIndia. We have served 35000+ customers during the years and have witnessed the BTC price go up 50x and the ETH price go up 100x. We have kept your crypto safe, and allowed you to trade against others on equal terms, in a safe environment, while adhering to KYC & AML and other tax compliance requirements.”

“As we heard in the budget speech, the Indian government is discouraging crypto currency trading.This has been clear also by government actions in the last year, and has put our business under a lot of stress and putting us in a position where we don’t feel that we can continue our business in a professional manner any longer.”

In similar news, ETHEXIndia exchange, which allows its customers to trade in Ethereum, wrote the same message on its website saying:

“W.E.F. 1 January 2018, please do not make any INR or ETH deposits. Deposits received, if any, will be automatically reverted to the respective bank accounts.

Customers are advised to withdraw their funds (ETH and INR) on or before 28 February 2018, if not will attract an annual wallet maintenance fees. ETH trading will be halted with effect from 01 March 2018.”

India is said to come up with a clear cut regulatory framework by the end of this fiscal year after which hopefully things will be clear in the cryptocurrency space in India.

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