Indian Bank Shuts Down Bitcoin Exchange BTCXIndia
After launching about one year ago, BTCXIndia is closing its trading platform because its bank will no longer allow them to operate. The exchange posted a notice on its website stating that they will close down their bitcoin trading platform as of May 20, 2015. BTCXIndia was the first bitcoin exchange in India offering a secure, real-time trading platform, following KYC and AML guidelines, and allowing instant INR (Indian rupee) deposits and withdrawals. "We have today been informed by our bank that they will no longer serve bitcoin businesses," the notice stated. "We have investigated the....
Related News
The Indian Bitcoin exchange, BTCXIndia is shutting down its Bitcoin trading platform from 20th of this month. According to its website, the company has run into trouble with its banking service provider. In an unexpected policy change, the BTCXIndia's bank stopped servicing Bitcoin based businesses in the country, many other banks are following suit. This sudden development has hampered the operations of the company, forcing them to halt their operations until the conditions become more favourable. READ MORE: Bitcoin Gathers Massive Support From Investors in India. Like many other....
Earlier this week, Indian Bitcoin exchange BTCXIndia shut down after a banking partner closed the account for an undisclosed reason. Unocoin, an Indian Bitcoin exchange which raised funding from Barry Silbert's Bitcoin Opportunity Corp., was questioned by local authorities who reportedly said that Bitcoin and the exchange were illegal in India. When contacted for further information, BTCXIndia was unwilling to give any further details. BTCXIndia CEO Mupparaju Siva Kameswara Rao did state that the exchange was running a regulatory compliant trading platform, and had been in close contact....
Bitcoin exchange BTCXIndia has announced that it is closing its doors later this month following the loss of its banking partner. The India-based exchange, which featured a live trading platform and wallet service, said in a statement on its website and via email that it would close its doors on 20th May. The exchange operator suggested that the closure was a result of a broader policy shift on the part of its Indian banking partner, explaining:
India now has a full and compliant bitcoin exchange called BTCXIndia - also featuring a live trading platform and wallet service - which launched officially on 5th May in the southern city of Hyderabad. It's a significant step for the country's bitcoin economy as its previous exchanges, some of which operated as fixed-price buy-sell platforms, lived with a degree of regulatory uncertainty since a series of government warnings and raids on bitcoin businesses in December and January. BTCXIndia CEO Mupparaju Siva Kameswara Rao is Managing Director of S Capital Solutions Pvt Ltd - the company....
The Indian government is consulting with the Reserve Bank of India (RBI) on crypto policies. According to the finance minister, the government and the central bank are in “complete harmony” on crypto and other issues. Indian Government and Central Bank Discussing Crypto Policies Internally Indian Finance Minister Nirmala Sitharaman revealed Monday that the government is discussing crypto policies with the central bank, the Reserve Bank of India (RBI). At the conclusion of the RBI’s board meeting, the finance minister told reporters that the government and the central....