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shahadil (OP)
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May 08, 2015, 02:30:23 PM |
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Just received this from BTCXIndia. What the hell is happening. Dear Customer,
We regret to inform you that BTCXIndia is closing down it's bitcoin trading platform as of 20th of May 2015.
We have today been informed by our bank that they will no longer serve bitcoin businesses. We have investigated the possibility to operate through other banks, but it seems this is a general policy in India as of today.
Without a bank account, we can no longer operate as a business and we are thus forced to close operations.
BTCXIndia launched in May 2014 with the aim to offer a regulatory compliant trading platform, and have since served customers without any issues. We have been in close contact with banks and authorities to ensure we are as legally compliant as possible in a new industry, and today's news comes as a big shock to us all.
Business will conduct as normal until 20th of May, and we urge customers to withdraw all funds before this date. BTCXIndia apologises for bringing you these news, but the decision has been made is outside of our control.
Once the regulatory situation has become clear in India, we hope to once again open for trading. Until then, we would like to thank you for your business and support.
Sincerely,
BTCXIndia
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deadley
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May 08, 2015, 02:36:16 PM |
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Really sad to heard, Unocoin also facing so many problems and inquiring by authorities.
So much happening behind the scene.
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anirgu
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May 08, 2015, 02:44:47 PM |
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This is bad news all around. Bitcoin is not illegal in the country. The powers that be must see this as a real threat.
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cyphos
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May 08, 2015, 03:06:40 PM |
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what the heck  can anybody from BTCXIndia.com throw some light?? |
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bitcoinisfurture
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May 08, 2015, 03:21:25 PM |
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Quite shocking. One of the best sites shutting down. If banks are not comfortable then is it Coinsecure & Unocoin also shutting its operations in coming days?
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Benson Samuel
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Landscaping Bitcoin for India!
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May 08, 2015, 03:27:30 PM |
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Quite shocking. One of the best sites shutting down. If banks are not comfortable then is it Coinsecure & Unocoin also shutting its operations in coming days?
Coinsecure will not be shutting down. We have confirmed this with our banks as well. |
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cyphos
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May 08, 2015, 03:33:43 PM |
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Benson who are your bankers? may be btcxindia & unocoin can engage with them......
Regards,
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Benson Samuel
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Landscaping Bitcoin for India!
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May 08, 2015, 03:35:20 PM |
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Benson who are your bankers? may be btcxindia & unocoin can engage with them......
Regards,
Axis and ICICI Bank. |
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cyphos
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May 08, 2015, 03:36:31 PM |
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thanks, I think btcxindia also uses icici, unocoin deals via hdfc- sure about that.
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cyphos
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May 08, 2015, 03:37:59 PM |
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axis has some Government of India partnership, so you have some official government approval...sort of....
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skang
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from democracy to self-rule.
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May 08, 2015, 03:54:09 PM |
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This is very sad but at the same time the abrupt nature of this announcement makes me skeptic.
Can someone from BTCXIndia throw light on what they did to resist this?
This statement on their website is very lame : "We have investigated the possibility to operate through other banks, but it seems this is a general policy in India as of today."
You will close down your business because "it seems"? And not even try to reach out to others in the domain?
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"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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RFDZ
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May 08, 2015, 04:17:23 PM |
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yes it actually seems fishy. Maybe they are shutting down due to something else and putting the blame on the banks.
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TigerMart
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May 08, 2015, 04:19:02 PM |
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This is very sad but at the same time the abrupt nature of this announcement makes me skeptic.
Can someone from BTCXIndia throw light on what they did to resist this?
This statement on their website is very lame : "We have investigated the possibility to operate through other banks, but it seems this is a general policy in India as of today."
You will close down your business because "it seems"? And not even try to reach out to others in the domain?
I would expect, no one will misunderstand the current happenings as authoritive pressure against Bitcoin. It is as simple as survival of the banks and I believe BTCXIndia did not explore all banking alternatives. In any case, bitcoin users in general DO NOT need to panic. There are always direct trading alternatives like www.LocalBitcoins.com or www.100bit.co.in, where banks can not do anything. Shutting down of real time exchanges will at most hurt the INR-bitcoin traders, which I believe is a very small community. All the big traders have account in foreign exchanges and they'll remain unaffected. No entrepreneurship venture should be affected by this as changing bitcoin to FIAT is still as easy as before. |
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erikalui
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May 08, 2015, 04:33:48 PM |
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What's the meaning of this "but it seems this is a general policy in India as of today." ? A bad news for all bitcoiners in India.
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Benson Samuel
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Landscaping Bitcoin for India!
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May 08, 2015, 04:34:53 PM |
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What's the meaning of this "but it seems this is a general policy in India as of today." ? A bad news for all bitcoiners in India.
That is a misleading statement. |
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cyphos
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May 08, 2015, 05:19:42 PM |
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as Benson said, they can always move their business to Axis, ICICI.....BTCXIndia.com is hiding something......
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dashingriddler
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May 08, 2015, 06:13:14 PM |
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Benson who are your bankers? may be btcxindia & unocoin can engage with them......
Regards,
Unocoin is not facing issues with any bankers right now |
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dashingriddler
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May 08, 2015, 06:17:31 PM |
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yes it actually seems fishy. Maybe they are shutting down due to something else and putting the blame on the banks.
Sometimes there will be multiple reasons. |
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dashingriddler
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May 08, 2015, 06:18:48 PM |
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What's the meaning of this "but it seems this is a general policy in India as of today." ? A bad news for all bitcoiners in India.
That is a misleading statement. +1 |
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lahm-44
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May 08, 2015, 06:34:13 PM |
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really sad to hear that..I am also an indian boy just I am of 17+ so I don't have documents to make a bank account but I have made my own ways to keep my life comfortable.I am a localbitcoin user so I always suggest to use it
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