Two crypto exchanges stop trading because of the government in India

[cryptolake]

BTCXIndia and ETHEXIndia have informed all thier customers that they are stopping all trade activities after the government discouraged cyptro.

BTCXIndia and ETHEXIndia’s websites both currently display a message to customers informing them that any deposits received after Jan.1 will automatically be sent back to the investor’s bank account. ETHEXIndia customers are told they had until Feb. 28 to withdraw their funds in rupees or  Ethereum (ETH), and that trading will halt today, March 1, 2018.

[D-Fault]

Come on, most of that exchanges are useless and steal the coins in 50%. It's logical that India banned that exchanges, I believe you shouldn't open any exchange at Asia countries.

[dado7]

Are there any people from India on this forum who could confirm if the two mentioned exchanges were good exchanges abiding by all rules of professionalism in business?

It makes quite a difference if the two mentioned exchanges were fully legit exchanges with a big daily trading volume or just small or unregulated ventures.

[thepo1m]

If the closure of the exchange has been in public domain since January, I don't know why this is making noise now, every of their users have time to withdrawal their tokens till yeatsrday, anyone who neglect the notice will only have themselves to blame, I think this is one of the reasons why people were advice not to keep their tokens on exchange wallet

[anggriani]

but I am confused why there are still people who trade, I see from the history of trading today there are still transactions there.
their official twitter also did not give any announcement about it  

https://m.btcxindia.com/live-market/
https://mobile.twitter.com/BTCXIndia

https://m.ethexindia.com/live-market/
https://mobile.twitter.com/ETHEXIndia

[chanc3r]

BTCXIndia and ETHEXIndia have informed all thier customers that they are stopping all trade activities after the government discouraged cyptro.

BTCXIndia and ETHEXIndia’s websites both currently display a message to customers informing them that any deposits received after Jan.1 will automatically be sent back to the investor’s bank account. ETHEXIndia customers are told they had until Feb. 28 to withdraw their funds in rupees or  Ethereum (ETH), and that trading will halt today, March 1, 2018.

It looks like the government will try to replace it with their own crypto. That doesn't look good but honestly, india is not included in the bitcoin house and that doesn't give a lot of impact on the market. But there are some exchange sites are still active. But i can say about they will try to follow that.

The majority traders india will be looking for another way to trade.

[sindikat]

It seems that India has gone on the path of a complete ban on the use of cryptocurrency. Indian stock exchange is no exception. Many exchanges located in other jurisdictions now also refuse to make and receive transfers of Fiat to Bank card issued in India. The only way to stop this process is to demand that the authorities remove their hands from the cryptocurrency. But only Indians can do that.

[mirgo1791]

as monetary gives with reference of excess with the manage of production and consumption with the details on limit as might of works with the chance on extend to follows with the sphere of option within the part of field as the majors of investors absence within the business on finance,
those to differs with the understanding as if the parts on investor side as be of one with the chance as complying with the works of consumption.

[BitcoinGuruOne]

is it for real. can someone provide a reliable source? sources mentioned above looks shady. Last time when news came from India - that was fake news, just spreading FUD. as I remember that was exactly on crypt trading peak at the end of the last year.

[KryptoKai]

Don't worry about it, there is anew exchange coming out soon that will become the biggest crypto exchange in india. Have you heard of BitIndia? They have big plans and are going by the book. Comply with Indian laws and list all the best tokens and coins. When BitIndia is ready, all coins will rise!

[Awan Awan]

Are there any people from India on this forum who could confirm if the two mentioned exchanges were good exchanges abiding by all rules of professionalism in business?

It makes quite a difference if the two mentioned exchanges were fully legit exchanges with a big daily trading volume or just small or unregulated ventures.

Well, please verify this question to make sure whether the news is good or bad for crypto?
However, we dont need to be panic if this is bad for us. We can pass the day after china ban crypto and now we can too.

[QFT]

BTCXIndia and ETHEXIndia have informed all thier customers that they are stopping all trade activities after the government discouraged cyptro.

BTCXIndia and ETHEXIndia’s websites both currently display a message to customers informing them that any deposits received after Jan.1 will automatically be sent back to the investor’s bank account. ETHEXIndia customers are told they had until Feb. 28 to withdraw their funds in rupees or  Ethereum (ETH), and that trading will halt today, March 1, 2018.

How much volume do these exchanges even get.

[tsaroz]

This would make it harder for the indian population to exchange to and from fiat. Ultimately leading to being traded in black market.
Indian government have failed to embrace a technology moving leaps backwards.

[chukaday]

Weird I wonder how this new exchange is going to come and get started towards the end of April. I just heard about it now called BitIndia but I am curious as to how they will operate given this news...