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Two Indian Crypto Exchanges Have Closed Down, Citing Regulatory Fears

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Mon, 03/05/2018 - 16:35
Two Indian Crypto Exchanges Have Closed Down, Citing Regulatory Fears
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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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