Investing in cryptocurrencies have proved to be risky, in terms of new regulations (which are being put into place) and security. If you’ve put in your money in any of the cryptocurrencies (Bitcoin, Ripple, Ethereum etc) now is the time to withdraw your money. Why? ETHexIndia and BTCxIndia, in a recent move has informed its users to withdraw all the money and virtual currency from the platform as it is under a lot of “stress” and feels that the government has put them in a position where the founders feel it cannot be continued in a “professional manner”.
As a result BTCxIndia is halting its trading from March 4th, while ETHexIndia has made today, as the last day for withdrawal.
According to the ETHexIndia website, “W.E.F. 1 January 2018, please do not make any INR or ETH deposits. Deposits received, if any, will be automatically reverted to the respective bank accounts. Customers are advised to withdraw their funds(ETH and INR) on or before 28 February 2018, if not will attract an annual wallet maintenance fees. ETH trading will be halted with effect from 01 March 2018.” A similar message is being displayed on the BTCxIndia website.
The company in email message to its users said, “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.”
The firm further added that as the budget speech pointed out that the Indian government does not support cryptocurrency 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,” said the email.
Informing its users of the consequences the firm stated that until the new regulations are in place, the company is halting all trading from its platform and will be working with their focus on the authorized blockchains. It further added that the trading at BTCxIndia is being halted from March 5 and asked its users to withdraw funds as soon as possible to avoid the wallet maintenance charge. If users don’t withdraw their cryptocurrencies and wallet balance, the company will levy them with an annual maintenance fee and they will not be able to do anything (buy or sell) with those virtual currencies on the platform.