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.
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.
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.