Indian crypto exchange CoinDCX bans deposits and withdrawals for users

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New Delhi. Now an Indian crypto exchange has banned crypto deposits and withdrawals for many of its users. This has been said in a post on social media this week. The reason for this is attributed to certain compliances (procedures to implement the rules), risks and monitoring.

According to a Live Mint news, the said post states that CoinDCX is strengthening its compliance and risk framework in view of the requirements to improve deposit and withdrawal of rupees.

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The company said – the process is going on for 6 months
The post also read, “In the last 6 months many things like improving KYC coverage, improving risk framework for crypto deposits and withdrawals, and linking with monitoring tools like Coinfirm, Solidus Labs, Signzy, Digilocker etc. done in different phases. Over the past month we have been gradually restricting crypto deposits and withdrawals for multiple users.”

KYC mandatory for investors
CoinDCX has said that every user will have to complete their KYC on the platform. Crypto deposits and withdrawals will be automatically disabled for everyone. This procedure has to be followed for making crypto deposits and withdrawals. A policy in this regard will be issued within the next 14 days.

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The company wrote in its blog, “For cryptocurrency deposits, old addresses are still active in all wallets and funds can be received. We are in the process of closing it. INR deposits and withdrawals will continue to function as normal. Users can deposit or withdraw funds using INR as usual.”

Tags: crypto, Cryptocurrency

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