two exchange sites in india closed down due to government stance on crypto

[Jonsnowstark]

India based exchanges BTCXIndia and ETHEXIndia have notified their customers via email that they will have to stop operating their trading site due to government stance against cryptocurrency. Also, several banks has placed actions that attacks these exchanges like limiting or preventing them access to their accounts in the risk of illegitimate transactions. This has caused so much stress on these exchanges forcing them to close down. Check the full story here https://cointelegraph.com/news/india-two-crypto-exchanges-halt-trading-blame-discouraging-government-stance

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[BChydro]

I do not think they are major exchanges in India as it is not listed in major sites as legit exchanges, they are closing down their exchanges because they fear of the government stance against them and they are planning to launch their own blockchain, what does it even mean, are they planning to start a new project to pool in funds .

[trecore4]

I do not think they are major exchanges in India as it is not listed in major sites as legit exchanges, they are closing down their exchanges because they fear of the government stance against them and they are planning to launch their own blockchain, what does it even mean, are they planning to start a new project to pool in funds .

Yes they are not the big exchangers and they will be planning to start over. The thing is Indian government doesn't understand a thing about the crypto currency. I mean they are not willing to accept this currency at any cost and the way people are making transition into the crypto currency has increased hugely in the India. So obviously after the march end which is also financial year end there might have been some misleading figures that might have attracted to the income tax department at the door step of these two exchangers and forced them to close due insufficient proofs on the whole thing. As far as India is consider people surely tend to hide their assets earned in such way and exchangers themselves might have hidden lot of money like this way. I am just guessing these facts based on how India works in the first place when it comes to money.

[eaLiTy]

This is a clear case of manipulation by the media, i thought all the news published in cointelegraph were genuine, to all the users i used to trade with BTCXIndia from the start and they shut their doors long back in 2016 if i remember correctly they said that they are starting a new exchange ETHEXIndia because they think ETH is the future and now they are planning to shut that exchange too citing regulations, all i am telling is that, they just want to play safe and they had their fun while it lasted and closing down to look for new avenues .

[Xester]

India based exchanges BTCXIndia and ETHEXIndia have notified their customers via email that they will have to stop operating their trading site due to government stance against cryptocurrency. Also, several banks has placed actions that attacks these exchanges like limiting or preventing them access to their accounts in the risk of illegitimate transactions. This has caused so much stress on these exchanges forcing them to close down. Check the full story here https://cointelegraph.com/news/india-two-crypto-exchanges-halt-trading-blame-discouraging-government-stance

This will bring a major impact to bitcoin. If those two exchanges in India will shutdown then there are possibilities that those bitcoin holders in that area will have the tendency to dump their bitcoins. This may bring a huge price drop to bitcoin. But this is not very alarming since there are also many new bitcoin users who are buying bitcoin nowadays.

[First77]

Sell now. That would be $6800 profit per Bitcoin. Why are people posting here all those informations and articles ??

[stompix]

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. ETHEXIndia is currently ranked 163 in exchanges by 24 hour volume on CoinMarketCap, with a 24 hour volume of around $15,724 by press time.

Common, that's not an exchange , that's joke.
There are supermarkets in my neighborhood that are putting those to shame and I'm talking about super not hyper.

Why are they not really saying while they are closing down.
When an institution is sending you a notice they give you a reason and a paragraph from the law you're ignoring.

that they are stopping trading activities, citing the “stress” on their business caused by governmental actions discouraging crypto

"Stress"...yeah, what we're they doing? Posting cat memes on their fb page?
The entire article tries to create a false impression and to make them like innocent victims.

[aileen393332xe5157]

As far as I know, the Indian government has relied on trading floors to find tax evasion investors. The Indian government does not prohibit the use of electronic money and does not strictly control electronic money transactions as some media have reported. Is the government only concerned about a crypto problem? I believe it will be solved as soon as possible so that electronic coins are legal currency used as part of the country's payment system.

[Dluretic]

It is not clear that countries have an open mind about cryptocurrency markets, so it is normal for these exchanges to close temporarily, but in my view, exchanges will continue to open up.

[oni4an]

History is cyclical. In the 60-ies of the last century, the massive onslaught of Japanese management has plunged into a stupor and depression of complacent Western businessmen. The states then lost a dominant position in many markets. Now those countries that forbid, make a big mistake.

[daarul50]

I do not know why the government and the banks are attacking the two exchange sites in India, there may also be errors from the two sites that do not meet the demand of the government. But do not worry, the members of the two exchange sites can still use other dollar-based exchanges such as bitfinex, bittrex, and etc. It's just that they can not exchange directly with the legitimate money in their country.

[akemi1487]

Crypto exchanges BTCXIndia and ETHEXIndia have informed their customers via email that they are stopping trading activities, citing the “stress” on their business caused by governmental actions discouraging crypto. 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.

[newIndia]

Many others are running successfully...

[Aleshia696]

I don’t think they are major exchanges in the country. And then the close is temporal. India may not have clear approval, but they didn’t prohibit the use of it either. Hope, everything will be ok soon.

[jesika]

It is not a good news for the traders and the industry. Here people are grabbing the opportunity to get involved in crypto world, they are taking this kind of decision.  But in near future, I think they will get back and welcome the changes positively.