Two Indian Crypto Exchanges Have Closed Down, Citing Regulatory Fears

Two small Indian cryptocurrency exchanges closed their doors today due to regulatory fears. The exchanges have a minuscule daily trading volume of about $45,000

Mon, 5/03/2018 - 16:35

Two Indian Crypto Exchanges Have Closed Down, Citing Regulatory Fears

Cover image via U.Today

Read U.TODAY on

Google News

Two small Indian cryptocurrency exchanges closed their doors today due to regulatory fears, according to CNN Money. The exchanges, BTCXIndia and ETHEXIndia, have a minuscule daily trading volume of about $45,000 per day combined. While these closures are certainly minor, they could be a harbinger of worse to come. Both exchanges are closing because they expect a crackdown from Indian regulators who have been notoriously hostile to digital currencies. India’s finance ministry has called cryptocurrency a “Ponzi scheme” and claimed that crypto’s only use is to fund illegal activities.

About the author

David Dinkins

David Dinkins is a freelance writer who holds a Master of Arts in history from Louisiana Tech University and has extensive teaching experience both at LSU – Shreveport and University of Phoenix. He got involved with cryptocurrency in early 2014 working as part of the Dash Core Team and have served in the role of writer/editor (mostly editor) during that time. He has edited a huge number of documents for the Core Team, including the Evolution whitepaper, the PrivateSend whitepaper, and many of Evan Duffield’s communications with the Dash Community.