CoinDCX Suspends Deposits and Withdrawals, Citing Compliance Requirements

CoinDCX, an India-based major cryptocurrency exchange, has suspended crypto deposits and withdrawals for various users,citing compliance measures as the reason for the move.

After many customers expressed their disappointment on social media, Ramalingam S, Head of Branding, Marketing, and Communications at CoinDCX, stated: “While some wallets are under maintenance, there is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny. The new process is being rolled out in phases, & it will reach all users in due course. Until then, I request your support.”

The exchange mentioned that customers must complete the Know-Your-Customer (KYC) process to enable crypto deposits and withdrawals.

Since 13th May, CoinDCX has put in place withdrawal restrictions, which have been extended until further notice to strengthen its compliance and risk framework.

CoinDCX is not the only one affected. Coinswitch Kuber also stated that the withdrawal suspension is because of the KYC requirements.

Last week, Coinswitch Kuber responded to its customers’ dismay via Twitter, stating that deposits and withdrawals have been disabled for everyone because it needs further clarity from regulators and policymakers.

Users Hit Hard by Crypto Meltdown

The latest suspensions by the major exchanges have not pleased Indian crypto investors. Some users have raised fears that the exchanges’ assets might have been swallowed by financial woes facing Celsius Network and BlockFi.

However, there is no evidence linking fallouts from Celsius and BlockFi with the suspensions. For now, it appears that users will have to complete the KYC process to ensure access to their funds.

The current global crypto plunge has come at a time when other factors already slow down India’s crypto industry.

Early last week, Bitcoin’s price declined to $18,000 while the market cap of crypto markets dropped to about $950 billion from $2.97 trillion witnessed in November 2021. Several crypto firms, including Coinbase, BlockFi, and, have announced massive layoffs and frozen hiring, including those in India, amid challenging times for crypto and equity markets.

The current downturn on the broader capital markets has been triggered by rising inflation and increasing interest rates by global central banks.

Since March, the Indian ecosystem has seen a 90% decline in trade volumes. Besides the global economic crisis, India’s tax rules and inadequate banking channels have also played disastrously. A weak risk appetite due to the global macroeconomic situation might keep India’s investors on edge in the near term.

Image source: Shutterstock


Tagged : / / / / / /

Indian Exchanges are all Out on Crypto With Ads Ahead of Coming Festive Season

Indian cryptocurrency exchanges are all out with plans to contribute to the growth of the digital currency ecosystem through targeted advertising campaigns to target new customers.

As reported by the Economic Times, Indian crypto exchanges are ramping up hiring and planning product launches and large-scale advertising campaigns to add new retail investors.

The Indian crypto ecosystem is growing, with about 15 million active cryptocurrency users in the country. Today, India remains one of the most promising markets for the nascent asset class. In anticipation of a massive rush on its trading platform, Unocoin said it is upgrading its infrastructure.

“The Indian market is all about saving and spending and gifting during the festive season. Approached right, bitcoin, and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry,” said Sathvik Vishwanath, co-founder of Unocoin. “We are making our platform technically and operationally prepared for the festive season.”

The issuance of redeemable gift vouchers in the eCommerce world is bound to be used as a major bait to lure new users for most exchanges. For the campaigns, Unocoin plans to issue a coupon code featuring Bitcoins worth Rs 200 for Ganesh Chaturthi.

“Our development team is coming up with new coupon codes, especially for the festivals. We are testing the server load to deal with a surge in the customer transactions,” Vishwanath said.

Other top exchanges, including Binance-owned WazirX and CoinDCX amongst others, are also coming up with big plans to extend their overall market reach through the upcoming festive seasons. Digital asset trading platforms are the primary gateway for the public to gain exposure to Bitcoin and the crypto world. CoinDCX said it would add an education and awareness program to the ongoing campaign as part of the broad commitment to take on this responsibility.

“During the festive season, CoinDCX is aiming to create more awareness and to share knowledge on crypto through DCX learn. Through our marketing initiatives, we’ve always looked for ways to entice and educate new investors,” said Ramalingam Subramaniam, head of brand and communication at CoinDCX.

Image source: Shutterstock


Tagged : / / / /

CoinDCX Becomes India’s First Crypto Unicorn after Receiving $90M Financing Led by the Founder of Facebook

CoinDCX, India’s largest crypto-enabled financial services company, announced Tuesday that it had raised 6.7 billion rupees (approximately $90 million) in financing led by Facebook co-founder Eduardo Saverin’s fund B Capital.

The current company valuation is as high as $1.1 billion, making it the first unicorn in the cryptocurrency industry in India.

CoinDCX said that the funds from the financing would be used to double the number of the team to 200 people within the next six months, according to the co-founder and CEO of CoinDCX Sumit Gupta speaking in the interview on Tuesday.

Sumit Gupta added that:

“We will be joining hands or enter into partnerships with key fintech players to expand crypto investor base, set up a Research & Development (R&D) facility, strengthen policy conversations through public discourse, work with the government to introduce favourable regulations, education, and amp up hiring initiatives.”

According to Bloomberg, the company aims to expand its user base from 3.5 million to 50 million in the next few years and focus on user encryption and blockchain education.

The crypto exchange said it plans to launch new products in the next few months, including products for wealthy clients.

CoinDCX has raised $2.5 million from investors like Polychain Capital and Coinbase Ventures. Polychain Capital led the funding round with support from Coinbase Ventures, the investment arm of the US cryptocurrency exchange Coinbase as reported by Blockchain.News on May 27 in 2020.

CoinDCX had raised a $3 million Series A round earlier in March 2020, also led by Polychain Capital and included HDT Group (operator of BitMEX) and Bain Capital Ventures.

Image source: Shutterstock


Tagged : / / / / / / /

India Banning Cryptocurrencies Could Backtrack the Nation in Financial Innovation

India changed a banking ban on crypto trading in March 2020. The government has openly spoken about introducing its cryptocurrency while banning others in the unknown Crypto and Regulation of Official Digital Currency 2021 Bill. 

On Wednesday, Reserve Bank of India (RBI) Governor Shaktikanta Das said cryptocurrencies could harm financial stability, thus impacting the economy. His comment comes when the value of Bitcoin, the highest-valued cryptocurrency, has crossed $50,000.

The Indian government has expressed concern about digital currencies, claiming they can be used to launder large quantities of money and for terror-funding purposes. Experts recommend that the government should shed anxiety about cryptocurrency and embrace it.

Crypto Investors Distressed

The ban has threatened to quash India’s nascent cryptocurrency industry and affect investors who have already placed their money in virtual currencies. Sumit Gupta, founder, CoinDCX, said that cryptography is an integral part of cybersecurity and is used by experts in that field.

He got a pre-placement offer from Sony and went to Japan in 2014. During his time in Japan, Sumit used to get emails about job offers in the crypto field. He did not understand the technology very well, so he wasn’t keen on investing in cryptocurrency. 

Sumit Gupta and his co-founder established CoinDCX, which is based in Singapore, in 2018. The platform specializes in crypto-enabled financial services. CoinDCX is bringing a unique solution with its crypto-based products by developing borderless financial services that ensure a faster, more straightforward, and uninterrupted capital flow.

Regulating Cryptocurrency Rather Than Banning

Presently, India lacks a regulatory framework for cryptocurrency.

On 6th April 2018, the CoinDCX exchange was about to be launched. On 8th April, the RBI had effectively banned banks from processing payments related to cryptocurrency after a string of frauds in the months following Prime Minister Narendra Modi’s sudden decision for demonetization.

CoinDCX had to change its model from rupee-crypto to crypto to crypto trading. Simultaneously, they challenged the RBI decision in the Supreme Court, and Sumit was personally a party in that case.

Sumit Gupta said he has been on a panel with Subhash Chandra Garg, who was involved in drafting the original bill, alongside others. The team is okay with regulating cryptocurrency as an asset class rather than a currency. 

He added that there are solutions on how India can regulate cryptocurrency if they engage in discussions with the government. Indians will also miss on further price movements in cryptocurrency, which is similar to losing your gold. He is optimistic that a ban will not happen.

Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Tagged : / / / / /

India’s Largest Crypto Exchange Launches User-Friendly App, Eyes 50M New Users

India’s largest cryptocurrency exchange, CoinDCX, has launched a new app aimed to make it easy to buy and sell bitcoin and other top digital assets in a bid to capture 50 million new users.

According to a press release on Tuesday, the exchange’s app offering, CoinDCX Go, provides newcomers to the cryptocurrency space a “quick check-in check-out trading experience.”

The app is said to be backed by artificial intelligence-based anti-money laundering algorithms, while users’ funds are secured and insured by global custodian BitGo, a company spokesperson told CoinDesk via email.

“The focus is to make users see merits in the industry by attention to details,” said CoinDCX CEO Sumit Gupta. Support on technical issues will be provided “around the clock,” Gupta added.

The exchange said CoinDCX Go was conceived after it had conducted a joint survey discovering almost 60% of Indians found cryptocurrency investing “extremely challenging.”

To date, India’s population exceeds 1.3 billion, with a fraction of that – around 0.5% – having invested in cryptocurrency, CoinDCX said.

As part of the response to the survey’s findings, the novice-friendly trading app features a user interface that aims to induct a “new breed of first-time users.” The app does not currently charge fees on deposit and withdrawals.



Tagged : / / / / / /

India’s Leading Bitcoin Exchange Raises $13.9M From Block.One, Coinbase Ventures

India’s largest cryptocurrency exchange, CoinDCX, has raised the equivalent of $13.9 million in a Series B funding round led by, the creator of the software that runs EOS.

This follows on a May 2020 round for $2.5 million from Polychain Capital and Coinbase Ventures, who returned to participate in this new round of funding. Other participants included Uncorrelated Ventures, Jump Capital and Mehta Ventures.

“This has been the most exciting year for CoinDCX. While the pandemic forced everyone indoors, CoinDCX scaled up exponentially and continues to do so,” Sumit Gupta, CEO and co-founder of CoinDCX, said in a statement.

Gupta specifically cited further development of the firm’s mobile app, CoinDCX Go, as a priority for the new funding.

CoinDCX provides a fiat on-ramp to its users and trading, but it provides other basic services as well. It enables lending, trading on margin and the ability to stake cryptocurrencies that earn rewards for doing so. CEO Brendan Blumer said that interest in crypto had already been growing heading into 2020 but that it accelerated through the pandemic.

“With the increased interest in digital currencies, CoinDCX’s role in making cryptocurrencies accessible to everyone in the world’s second most populous country is even more vital,” Blumer said in a press release.

Bitcoin’s recent rally over $20,000 has been advantageous to Blumer recently announced on Twitter that his firm has “accumulated well beyond our previously announced 140,000 #BTC position.”



Tagged : / / / / / / / / / /
Bitcoin (BTC) $ 43,339.61 1.11%
Ethereum (ETH) $ 2,331.98 0.82%
Litecoin (LTC) $ 76.70 0.88%
Bitcoin Cash (BCH) $ 248.39 2.44%