Succumbing to government regulations, Indian crypto exchange Coinome suspends operation, effective immediately from 15th of May, 2019. The firm has requested the traders on its platform to withdraw their funds at the earliest. The exchange has tweeted its decision over its official handle. After Coinome’s notice, people are trying to withdraw their assets but some are facing difficulties. They report that they’re unable to withdraw bitcoin cash (BCH) and bitcoin SV.
In India, the Reserve bank of India has put up the regulation regarding selling, buying, and trading of cryptocurrencies. Even recently it was reported that the Indian government will pass a bill to completely ban cryptocurrency. The reason for this banishment is to deal with terrorism funding, scam money making schemes, etc. The scenario of crypto is quite bleak in India. Though there are companies investing in blockchain, the domain of cryptocurrency is facing backlash in the country. Also, last year crypto exchange ZebPay had to shut down for the RBI regulations.
Recently, even HDFC bank notified its customers to clarify on suspicious crypto transactions. The customers have to give an undertaking that, in case there is evidence of any crypto transactions, their bank accounts will be promptly frozen.