BTCxIndia Shutdown?

[S_D]

Seems BTCxIndia is shutting its operations and some customers have received a text message notifying they will eat up any Bitcoin deposits made towards them. (https://bitcointalk.org/index.php?topic=1848967.msg18475756#msg18475756)

Their ticker indicates there is no volume right now.

Code:

{"ticker":"BTC_INR","high":"64000","low":"64000","avg":64000,"total_volume_24h":0.2,"current_volume":0.2,"last_traded_price":64000,"bid":61000,"ask":70000,"last_traded_time":1492062460,"last_traded_time_IST":1492062460}

My account seems to be deleted by them, I am glad I held no funds there.

Has anyone else contacted their support? Are they processing INR deposits & withdrawals?

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[1715400470]

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[bitcoinisbest]

On of my friend has got the below message which says -  Due to the uncertainty in India and elsewhere (Bitcoin Hard fork), customers are advised not to deposit BTC and INR till further notification. Inconvenience is duly regretted. Withdrawals will be processed as scheduled.

And as a precautionary measure I think they have stopped it till the time it gets clear if the ban is coming or not. And then they may think and resume back accordingly.

[Blackshadow007]

Well i just logged in there and seems like account now deleted but i saw this message in dashboard

" Due to the uncertainty in India and elsewhere (Bitcoin Hard fork), customers are advised not to deposit BTC and INR till further notification. Inconvenience is duly regretted.
Withdrawals will be processed as scheduled. "

[Rotten Egg]

BTCxIndia was the first pvt ltd bitcoin exchange in India. They seem to have not done proper KYC at initial stage and lots of money might have been laundered through them. That is why, they are probably freaking out and wanna close operation before any rule come in place. It is also surprising that they are not part of Digital Asset and Blockchain Foundation of India aka DABFI. All exchanges under DABFI are operating as usual.

[Blackshadow007]

BTCxIndia was the first pvt ltd bitcoin exchange in India. They seem to have not done proper KYC at initial stage and lots of money might have been laundered through them. That is why, they are probably freaking out and wanna close operation before any rule come in place. It is also surprising that they are not part of Digital Asset and Blockchain Foundation of India aka DABFI. All exchanges under DABFI are operating as usual.

yes didn't heard any problem from Coinsecure . So this must be the reason for BTCXindia to stop trading when BTC INDIA moving towards legalization .

[polynesia]

On of my friend has got the below message which says -  Due to the uncertainty in India and elsewhere (Bitcoin Hard fork), customers are advised not to deposit BTC and INR till further notification. Inconvenience is duly regretted. Withdrawals will be processed as scheduled.

And as a precautionary measure I think they have stopped it till the time it gets clear if the ban is coming or not. And then they may think and resume back accordingly.

The committee has got 3 months to submit its report on virtual currencies. You can't hold a business in limbo for 3 months. Customers will just move elsewhere.

[btcxindia]

In the Indian Bitcoin ecosystem there were three associations so far by the names:
Bitcoin India Allince
Bitcoin Allinace of India
Bitcoin Association

Can anyone tell the status of the above three associations which have been formed by the three big exchanges/companies in India?
Now the fourth one has formed.

It has to be noted that BTCXIndia first drafted the guidelines and then started the exchange/operations.

BTCXIndia KYC/AML guidelines here:  https://btcxindia.com/downloads/BTCXINDIA-KYC-AML-procedures.pdf

A review of BTCXIndia's KYC/AML guidelines by Financial Crime Asia https://financialcrimeasia.wordpress.com/2014/02/03/indian-bitcoin-exchange-produces-kycaml-guidance/


BTCXIndia is committed to the best customer service and holds highest regard among its customers. There was never a case of loosing a penny by anyone of our 30 thousand customers. BTCXIndia ensures that the BTC/INR transactions done by any of the customers will be automatically reverted to their respective bank accounts/wallets and are duly notified.

Any kind of baiting will not be tolerated by BTCXIndia.

BTCXIndia is not very active in bitcointalk.org. It has also to be noted that not answering the comments mean all those comments are accepted,

[Blackshadow007]

In the Indian Bitcoin ecosystem there were three associations so far by the names:
Bitcoin India Allince
Bitcoin Allinace of India
Bitcoin Association

Can anyone tell the status of the above three associations which have been formed by the three big exchanges/companies in India?
Now the fourth one has formed.

It has to be noted that BTCXIndia first drafted the guidelines and then started the exchange/operations.

BTCXIndia KYC/AML guidelines here:  https://btcxindia.com/downloads/BTCXINDIA-KYC-AML-procedures.pdf

A review of BTCXIndia's KYC/AML guidelines by Financial Crime Asia https://financialcrimeasia.wordpress.com/2014/02/03/indian-bitcoin-exchange-produces-kycaml-guidance/


BTCXIndia is committed to the best customer service and holds highest regard among its customers. There was never a case of loosing a penny by anyone of our 30 thousand customers. BTCXIndia ensures that the BTC/INR transactions done by any of the customers will be automatically reverted to their respective bank accounts/wallets and are duly notified.

Any kind of baiting will not be tolerated by BTCXIndia.

BTCXIndia is not very active in bitcointalk.org. It has also to be noted that not answering the comments mean all those comments are accepted,

We just want to know BTCXINDIA shutdown or not ..

" Customers are advised not to deposit BTC into your BTCXIndia wallet from 6th April 2017 onwards . Any deposits made after will not be updated / processed . "

 this message i got in phone some days ego from BTCX so are you guys stopping operation of BTCX ?

[Pattberry]

Any kind of baiting will not be tolerated by BTCXIndia.
BTCXIndia is not very active in bitcointalk.org. It has also to be noted that not answering the comments mean all those comments are accepted,

Glad we got a response from the representatives of the site but it is still not clear whether the site will be closing down according to the messages he received and what is the explanation regarding that.It is wise to clear all the doubt than clearing some,are you telling that it will be refunding every deposit from now on.

[btcxindia]

We have been diversifying our business with interests in Blockchain technology(Ethereum) and other Crypto pairs.

In this lines we have started ETHEXIndia, India's first Ether exchange in 2016 and have been successfully running the business.

We are launching other crypto pairs via BTCXIndia in place of BTC/INR pair under the same brand.

We continue our endeavor with new blockchain initiative, S Chain Labs and we are in the process of setting up the infrastructure at Vizag Fintech Tower.

Regarding BTC/INR pair, we have been asking our customers to withdraw the funds and almost all the funds have been withdrawn. Few of the customers with open orders/deposits have been notified and we are ensuring they withdraw the funds. This withdrawal process may take few more days. Once BTC/INR withdrawal process is complete we will launch the other crypto pairs.

As explained above, it can be observed that there is no case of shutting down of BTCXIndia. In future, we may rename the BTCXIndia brand(where in BTC refers to Bitcoin here) to make it more suitable with the new crypto pairs. The anatomy of the company essentially remains the same.

Hope all the doubts have been answered. Still if any, please contact our Support.

[S_D]

We have been diversifying our business with interests in Blockchain technology(Ethereum) and other Crypto pairs.

In this lines we have started ETHEXIndia, India's first Ether exchange in 2016 and have been successfully running the business.

We are launching other crypto pairs via BTCXIndia in place of BTC/INR pair under the same brand.

We continue our endeavor with new blockchain initiative, S Chain Labs and we are in the process of setting up the infrastructure at Vizag Fintech Tower.

Regarding BTC/INR pair, we have been asking our customers to withdraw the funds and almost all the funds have been withdrawn. Few of the customers with open orders/deposits have been notified and we are ensuring they withdraw the funds. This withdrawal process may take few more days. Once BTC/INR withdrawal process is complete we will launch the other crypto pairs.

As explained above, it can be observed that there is no case of shutting down of BTCXIndia. In future, we may rename the BTCXIndia brand(where in BTC refers to Bitcoin here) to make it more suitable with the new crypto pairs. The anatomy of the company essentially remains the same.

Hope all the doubts have been answered. Still if any, please contact our Support.

Thanks for response.

You shouldn't be triggered by customers questioning you. Customers will question if your website 'Notice Section' shows no updates or communication is incomplete on text messages or user account logins are rejected without prior notification

There's a reason why BTCxIndia isn't the most preferred exchange.

Closing this topic as originals question has been answered.