Indian Crypto Exchanges to Suspend Trading

BTCXIndia and ETHEXIndia have announced their plans to suspend cryptocurrency trading from March 5 and March 1 respectively
01 March 2018   564

As Economic Times portal reported, Indian cryptocurrency exchanges BTCXIndia and ETHEXIndia have announced their plans to suspend cryptocurrency trading. 

BTCXIndia is a famous India’s crypto token exchange, and a venture backed company based out of Hyderabad. It used to provide real time trading of crypto tokens and INR and operating at the high levels of security and reliability with an XRP wallet and exchange.

It has recently emerged that BTCXIndia sent emails to its users stating that it stops accepting deposits from January 1, 2018, and halts trading from March 5, 2018. The same message appeared on the main page of the exchange.

Btcxindia exchange announcementBTCXIndia announcement

ETHEXIndia cryptocurrency exchange has posted a similar message on its website stating that customers should withdraw their funds before February 28 as the exchange stops ETH trading from March 1, 2018.

ETHExindia trading announcementETHEXIndia announcement

Such announcements of Indian exchanges may apperar in the aftermath of complicated relations between government regulators, banks, crypto exchanges. For instance, the Reserve Bank of India issued a statement in December comparing cryptocurrencies to ponzi scheme and warned people to stay away from virtual currencies such as bitcoin.

In the beginning of February 2018, we have reported that 100,000 tax notices were sent to investors by the income tax authorities of India, as cryptocurrency is not considered legal tender in the country, but still requires taxes to be payed for any operations with it.

Sparkpool to Freeze $300k Reward

As reported, pool suggests that such a high commission could have been paid by someone in error and is considering the possibility of a refund
20 February 2019   68

The Sparkpool mining pool decided to freeze the remuneration in the amount of 2,103,1485 for the extraction of block # 7,238,290. The management of the organization suggests that such a high commission could have been paid by someone in error and is considering the possibility of a refund, CoinDesk reports.

The head of the Sparkpool Xin Xu argues that users of the pool understand and agree with the decision, given the size of the amount involved.

Unfortunately, and fortunately, blockchain is so far not completely run by machines; human are still involved. So we have an opportunity to correct the problem. Integrity is our pool’s priority.

Xin Xu

CEO, Sparkpool

While some users suggested that a large commission was paid by mistake, others admitted that this could be a goodwill gesture from an anonymous donor to the community of the miner or even an attempt to launder money through the blockchain cryptocurrency.