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Major Indian Crypto Exchanges Blocked All Transfers and Deposits: Details

Wed, 04/13/2022 - 12:11
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Arman Shirinyan
Large Indian cryptocurrency exchanges have issues with state-backed transfer network
Major Indian Crypto Exchanges Blocked All Transfers and Deposits: Details
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Two major cryptocurrency exchanges, CoinSwitch Kuber and WazirX, have currently limited their rupee deposits that were used in the extremely popular transfer network for buying digital assets like Bitcoin or Ethereum. Investors have already expressed their concerns and asked for refunds, Reuter reports.

The country was and is constantly working on new laws and regulations for the digital assets industry and cryptocurrencies in general. Previously, the central bank of the country backed the ban on cryptocurrencies because of the risks that they create for the financial stability of the country's economic system.

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It is not yet clear what or who is behind the limitation of rupee deposits on two major crypto exchanges. Last week, the National Payments Corporation of India, which manages the state-backed transfers network, did not confirm the usage of the United Payments Interface by any cryptocurrency exchanges.

On one of the two exchanges, CoinSwitch disabled rupee deposits for their users but also left the opportunity to withdraw funds.

Exchange users on Twitter insisted that exchanges should give more information to users and release a statement about the limitations and their duration. As the Reuters articles suggest, CoinSwitch representatives have not responded to the news agency.

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According to industry sources, the previously mentioned statement caused the halting of state-backed UPI (United Payments Interface), as the managing company has not confirmed the legitimate usage of the technology by the exchange.

The WazirX exchange also told its users that they have no ETA on UPI availability and have limited themselves to a simple notification on the downtime of the system.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.