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   437

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.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   83

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.