David Dinkins

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
Two Indian Crypto Exchanges Have Closed Down, Citing Regulatory Fears

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.

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