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Indian Crypto Exchanges BTCXIndia, ETHEXIndia To Halt Trading

BTCXIndia-ETHEXIndia-030218-lt.jpg

Two Indian cryptocurrency exchanges BTCXIndia and ETHEXIndia announced it will halt trading in the first week of March on the uncertainty in the crypto trading market in India. The companies will review their stand after "new rules are in place for tokens on public blockchains."

On the website, BTCXIndia said it will halt XRP/INR trading with effect from March 5, while ETHEXIndia says ETH/INR trading has been halted with effect from March 1. Both the exchanges are promoted by S Capital Solutions Pvt. Ltd. based out of the south Indian city of Hyderabad.

BTCXIndia is the first crypto token exchange and wallet providing real time trading between crypto tokens and INR, while ETHEXIndia is a marketplace for Ethereum tokens, offering an ETH/INR order book, which allows buying and selling ETH, or Ether, the native token of Ethereum blockchain.

Both the exchanges said, "w.e.f. January 1, 2018, please do not make any deposits. Deposits received, if any, will be automatically reverted to the respective bank accounts. Customers are also advised to withdraw their funds and assets before the respective dates of trading halts. BTCXIndia has added if deposits are not withdrawn, it will attract annual wallet maintenance fees."

Further, BTCXIndia noted in an email to members, "We have kept your crypto safe, and allowed you to trade against others on equal terms, in a safe environment, while adhering to KYC & AML and other tax compliance requirements."

BTCXIndia said the Indian government has been discouraging crypto currency trading. Indian finance minister Arun Jaitley, in his budget speech, said the government would adopt all possible measures to eliminate the use of cryptocurrencies for illegal activities. He had reiterated that cryptocurrency is not a legal tender in India.

The company said it is halting the trading platform until new rules are in place for tokens on public blockchains. It will then focus fully on its consultancy working with permissioned blockchains. It is also launching full fledged blockchain labs on March 09, 2018 for Blockchain based application development and consultancy.

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