Cryptocurrency exchange BTCXIndia and ETHEXIndia has informed its customers by email that they suspend trading activities, referring to the strained relations between state regulators, banks and bitcoin exchanges.
On their websites of the stock exchange BTCXIndia and ETHEXIndia notified clients that will no longer accept deposits, and any funds that were sent from 1 January 2018, will be automatically refunded to the Bank account of the investors.
Anyone who was on the BTCXIndia, it was recommended to withdraw their assets in Bitcoin (BTC), Ripple (XRP) or rupees (INR) until March 4, 2018, before it is applied to the annual maintenance fee of the purse. Trade Ripple / INR on the stock exchange will be suspended on March 5.
Customers ETHEXIndia reported that until February 28, they had to withdraw all of your funds in rupees or in Ethereum (ETH), and the trade was suspended today, March 1, 2018. ETHEXIndia currently 163 takes place on the daily trading volume on CoinMarketCap.
In the email BTCXIndia reports that the decision to suspend trading activity was affected by the speech of the Finance Minister of India Arun Jetley on 1 February, in which he negatively spoke about the use of cryptocurrency in “illegal activities”.
“We understood from the budget speech of the Indian government that it does not approve of the cryptocurrency trading. This became clear through the actions of the government last year which put the existence of our business at risk. We no longer feel able to continue our business on the professional level. Until then, until you have taken the new rules in regards to cryptocurrencies, we discontinued operation of our trading platform (XRP / INR) and 100% will focus on our consulting company, working with blockchain technology”.
In December last year, the Finance Minister of India compared the Bitcoin with “financial pyramid”, and in January 2018 several large Indian banks have closed or temporarily blocked account cryptocurrency exchanges, citing the risk of illegal transactions.
The media misinterpreted the speech of the Minister of Finance of 1 February and spread information about what cryptocurrencies are banned in the country. These rumors were denied by the leadership of the three biggest cryptocurrency exchanges in India. Ministry of Finance of India has also confirmed that there is no ban on the cryptocurrency.
BTCXIndia his letter ends with news that the March 9, plans to launch blockchain-lab at schainlabs.com that they hope will show the government “enormous benefits that India can learn from the blockchain-technologies, and this ultimately will contribute to the introduction of a progressive and precise regulation of the public blockchain space”
Exchange BTCXIndia opened in 2014 and ETHEXIndia — two years later.