India’s Unocoin & Unodax Exchange Stop Withdrawals Amidst RBI Crypto Ban

India Exchange Unocoin Ceases Withdrawals

Unocoin, an India-based exchange, has suspended withdrawals after India’s central bank made several demands.

The suspension affects fiat deposits and withdrawals. According to the platform, “Cryptoasset(coin) deposits and withdrawals are ON @ Unocoin & Unodax; Using INR Balance Buy and Sell BTC/ETH in ON @ Unocoin; Crypto-rupeve and crypto-crypto pair trading are ON @ Unodax.” The transactions came under fire after the central bank ordered that banks cease dealing in cryptocurrencies altogether.

The exchanges impacted by the order retaliated, filing a petition against India’s Reserve Bank. The petition reached India’s Supreme Court, which upheld the central bank’s decision and suggested that the platform will issue a definitive ruling as well.

There are some efforts on behalf of exchanges to work around the order. For example, platforms have tried implementing crypto trades for crypto and peer-to-peer arrangements.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide