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Shut Down of Indian`s Crypto Exchanges

Largest cryptocurrency exchanges in India are halting operations as of Monday amid mounting regulatory pressure.

Two of India’s most prominent cryptocurrency exchanges are halting operations on Monday as a result of regulatory pressures making digital currency platforms unpopular in the region.

Tokens marketplace BTCXIndia and affiliated Ethereum trading platform ETHEXIndia have announced decisions to cease their activities, according to the India Times.

BTCXIndia e-mailed a notification to its member, saying the company will not accept deposits effective from January. All deposits received after January 1, 2018 will be automatically redirected to the investor’s bank account, the company said. It also advised those who had signed up to immediately withdraw their funds.

The move by BTCXIndia and ETHEXIndia comes after India’s tax authorities sent nearly 100,000 notices to local digital currency investors under a government plan to collect dues from crypto earnings.

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