[2015-05-08] Bitcoin Exchange BTCXIndia to Close After Losing Bank Account

[Grand_Voyageur]

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:

Full Story: http://www.coindesk.com/bitcoin-btxcindia-to-close/
Bitcointalk's discussion thread: https://bitcointalk.org/index.php?topic=1054433.0

[1Referee]

As far as I have been reading, other exchanges operating in India are still working without problems. Perhaps these exchanges will also be affected soon?

[Towlie]

Maybe they should try get around the restrictions somehow. If they wont let them use cash maybe they could use some sort of codes or vouchers that can be redeemed for cash elsewhere. Seems the banks and dealing with fiat are always the weak links here and they always get stung by rules or regulations.

As far as I have been reading, other exchanges operating in India are still working without problems. Perhaps these exchanges will also be affected soon?

Maybe. I guess they can't take them all down at once or maybe some aren't complying with certain laws etc.

[Chef Ramsay]

It's definitely not fun to see such a large population as what India has having fewer options to get bitcoin at.

[Kprawn]

This is just another reason, why we must get rid of the power that these institutions have over our money. 

At this stage, we give tem the power... We willingly give our money over to them.

There are other alternatives to exchanges.. use them, and counter the strategies that the banks are using. 

[1Referee]

This is just another reason, why we must get rid of the power that these institutions have over our money.  

At this stage, we give tem the power... We willingly give our money over to them.

We don't have much choice at this point. You can store your fiat in cash, but that's not a secure way of storing your wealth.

Dumping your fiat in Bitcoin is way too risky currently. Same counts for gold.

[gentlemand]

This is shit but it shouldn't be a surprise to anyone considering the government's attitude towards gold in the past. There are millions of highly educated Indians who could benefit themselves and their country by starting to dabble in crypto.

[indiemax]

This is just another reason, why we must get rid of the power that these institutions have over our money.  

At this stage, we give tem the power... We willingly give our money over to them.

We don't have much choice at this point. You can store your fiat in cash, but that's not a secure way of storing your wealth.

Dumping your fiat in Bitcoin is way too risky currently. Same counts for gold.

why would gold be risky?

whatever happens it will have value

Bitcoin,  well another exchange shuts,nothing new

[twister]

Could this be because of another report I read on this sub-forum couple of days back which expressed concern that Bitcoin is being used for money laundry? And maybe banks were asked to stop dealing with any company that trades/deals in Bitcoins?