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.

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