Bitcoin Exchange BTCXIndia to Close After Losing Bank Account
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:
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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....
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....
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....
Last month, Sweden’s largest precious metal dealer posted a notice that their bank account had been closed without their consent. Tavex Guld & Valuta posted a notice on June 30th that their bank account had been unilaterally closed. This left the dealer without an efficient way of accepting payments for good, racing to establish a new payment system. Shut down because of banks pushing for a cashless society. A notice screenshotted from the Tavex website read as follows: “Best customer, We hereby announce that as of 15:30, Thursday, June 30, 2016, we can no longer accept bank transfers....