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Home Crypto News Market Two Top Indian Crypto Exchanges Disabled Withdrawals – What’s Going On?

Two Top Indian Crypto Exchanges Disabled Withdrawals – What’s Going On?

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The two largest crypto exchanges in India have disabled withdrawals and people are not happy.



Speculations are abounding about the two largest and most popular crypto exchanges in India. Apparently, they have stopped customers from making withdrawals, and the reasons for this action are somewhat flimsy.

The exchanges, CoinDCX and Coinswitch Kuber have taken this step at a time when a number of other crypto-related platforms have done the same. This has fueled speculations about why it’s happening. However, the two exchanges have moved to dispel fears and contain rumors.

“Strengthening KYC”

CoinDCX sent out a tweet pointing customers to a more detailed announcement posted earlier about the said action.

 

The announcement details that the decision to disable withdrawals was made in order to give room for the exchange to strengthen its KYC (Know Your Customer) protocols and make it safer for customers.

However, this explanation doesn’t seem to satisfy a lot of people in the crypto industry. A Reddit post by one user details some responses from the exchange when queried by customers about the disabled withdrawals.

On one hand, the exchange claims to be taking steps to comply with regulations. On the other hand, customers are left without access to their crypto holdings. This has led some to remind the community that having direct access to holdings and owning the keys is the ultimate way of ensuring no one controls other people’s stash.

There’s an adage that has been going around the crypto industry for a while:

“Not your keys, not your coins.”

Did They Get Rekt?

At the same time, there are questions as to whether the two exchanges may have run into losses after the crypto market crashed. For one, a few other platforms like 3AC and Celsius Network disabled withdrawals and transfers in the face of heavy liquidation when Bitcoin’s price fell. Could this scenario be playing out on these exchanges? As it’s always the case in this industry, the truth will be revealed in time.

 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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