Two Indian Cryptocurrency Exchanges Announce They Are Closing

[alyssa85]

https://news.bitcoin.com/two-indian-token-marketplaces-suspend-trading-regulatory-pressure/

Two Indian crypto token marketplaces, Btcxindia and Ethexindia, have announced that they will “halt cryptocurrency trading from March 5,” the Economic Times reported

Btcxindia, which began as one of India’s oldest bitcoin exchanges, has been operating for four years. Ethexindia is “India’s first ether exchange,” according to its website. Both marketplaces are managed by S Capital Solutions Pvt Ltd. Other than these two platforms, S Capital also has a 12% equity stake in Crypt E Tech Solution, the company behind bitcoin payment service provider Blockonomics.

They have announced that they will halt trading from March 5. The platforms state that this is due to regulatory pressure which put their businesses “under a lot of stress.”

[peter0425]

https://news.bitcoin.com/two-indian-token-marketplaces-suspend-trading-regulatory-pressure/

Two Indian crypto token marketplaces, Btcxindia and Ethexindia, have announced that they will “halt cryptocurrency trading from March 5,” the Economic Times reported

Btcxindia, which began as one of India’s oldest bitcoin exchanges, has been operating for four years. Ethexindia is “India’s first ether exchange,” according to its website. Both marketplaces are managed by S Capital Solutions Pvt Ltd. Other than these two platforms, S Capital also has a 12% equity stake in Crypt E Tech Solution, the company behind bitcoin payment service provider Blockonomics.

They have announced that they will halt trading from March 5. The platforms state that this is due to regulatory pressure which put their businesses “under a lot of stress.”

Yup, I read that news recently. But I don't know what's the meaning of government putting pressure on them. Do the Indian government has started to clamp down on their local exchanges as well? Is this the start, and they are now going to every Indian exchanges?

Those 2 exchanges are not that well known if I'm correct. There are bigger fishes out there in the market like Zebpay. Why then the government started with the small trading platform instead?

Doesn't makes any sense to me. Its either they are not complaining and for strange reason they are somewhat involved in money laundering or government as asking for details about their customers and they are not giving in or its a start of a bigger crackdown similar to China. Remains to be seen.

[timerland]

https://news.bitcoin.com/two-indian-token-marketplaces-suspend-trading-regulatory-pressure/

Two Indian crypto token marketplaces, Btcxindia and Ethexindia, have announced that they will “halt cryptocurrency trading from March 5,” the Economic Times reported

Btcxindia, which began as one of India’s oldest bitcoin exchanges, has been operating for four years. Ethexindia is “India’s first ether exchange,” according to its website. Both marketplaces are managed by S Capital Solutions Pvt Ltd. Other than these two platforms, S Capital also has a 12% equity stake in Crypt E Tech Solution, the company behind bitcoin payment service provider Blockonomics.

They have announced that they will halt trading from March 5. The platforms state that this is due to regulatory pressure which put their businesses “under a lot of stress.”

I think it's got something to do with this news article a few weeks back: https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech.

I could be wrong, since Unocoin clearly said that nothing has changed so far at that stage. But this is proving to be different. Unocoin is still active at the moment, though. And so is Zebpay with no intentions of shutting down yet.

Whether this turns into a much bigger regulatory concern is yet to be seen. But these two who shut down seems to be owned by the same company/entity. And the rest of the Indian exchanges still remain functional. Would be interesting to see what caused the "regulatory pressures" to begin with, though. They don't seem to offer any extra services.

[alyssa85]

Yup, I read that news recently. But I don't know what's the meaning of government putting pressure on them. Do the Indian government has started to clamp down on their local exchanges as well? Is this the start, and they are now going to every Indian exchanges?

India has capital controls, and I think the Indian government, like the Chinese govt, thinks that cryptocurrency is being used to get money out of the country.

Because India is a democracy, they will struggle to ban crypto (too many competing parties in the Indian parliament who will dissent), but they can and will tighten up regulations, KYC, and tax collection etc.

[~Bitcoin~]

Modi (indian primeminister) is known for strong money laundering rule and demonetization so he will never allow Bitcoin like anonymous payment method to grow. Also paytm like players will put pressure on lawmakers to stop growning adoption of Bitcoin in India.

[reliable]

Yup, I read that news recently. But I don't know what's the meaning of government putting pressure on them. Do the Indian government has started to clamp down on their local exchanges as well? Is this the start, and they are now going to every Indian exchanges?

India has capital controls, and I think the Indian government, like the Chinese govt, thinks that cryptocurrency is being used to get money out of the country.

Because India is a democracy, they will struggle to ban crypto (too many competing parties in the Indian parliament who will dissent), but they can and will tighten up regulations, KYC, and tax collection etc.

Almost all parties might support ban as none of them have came in front and said they do want it to be legal. Also some discussion had taken place regarding it and the representative from the government said that they are looking into it and once the final report is prepared they will inform about the final confirmation about the stand.

[BitSat]

Modi (indian primeminister) is known for strong money laundering rule and demonetization so he will never allow Bitcoin like anonymous payment method to grow. Also paytm like players will put pressure on lawmakers to stop growning adoption of Bitcoin in India.

You are right despite huge pressure he is doing some good policies for better India and Bitcoin can give them some disadvantages as they cannot control like China so they are pressuring to stop this all