you have invested in cryptocurrencies, may be it is time for you to take your money out. Why you may ask. Well, BTCXIndia, a crypto token marketplace, has said that it will stop trading on March 5, 2018. It said, in an email notification to members, that is has decided not to accept deposits with effect from January 1, 2018. And deposits received post January 1 would be reverted to the investor’s bank account automatically. Those, who have signed up with BTCXIndiahave been further advised to withdraw their funds on or before March 4.
Launched in 2013 in Hyderabad, BTCXIndia, presently deals in Ripple (XRP) and provides real time trading of crypto tokens and Indian rupee, while ETHEXIndia allows you to trade in Ethereum (ETH).
Here’s the email message BTCXIndia has sent to its members:
It’s been 4 years since we opened BTCXIndia, and 2 years since we opened ETHEXIndia. We have served 35000+ customers during the years and have witnessed the BTC price go up 50x and the ETH price go up 100x. 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.
As we heard in the budget speech, the Indian government is discouraging crypto currency trading.This has been clear also by government actions in the last year, and has put our business under a lot of stress and putting us in a position where we don’t feel that we can continue our business in a professional manner any longer.
Until new rules are in place for tokens on public blockchains, we are halting our trading ( XRP/INR pair) platform and will focus 100% on our consultancy working with permissioned blockchains. All trading activity will be halted as of March 5th 2018. Please withdraw all assets from your account before then.
The consultancy business started in April 2017, and have so far developed client registry platforms, automated escrow management and payment solutions for a number of clients in the financial, health and agriculture sectors. We are launching full fledged blockchain labs http://schainlabs.com/ on March 09, 2018 for Blockchain based application development and consultancy. We hope that this work will help the government seeing the huge benefits that India can derive from blockchain technologies, and eventually promote progressive and clear regulation also for the public blockchain space.
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