CoinSwitch Withdrawal Feature Temporarily Disabled?

Here’s some latest news! CoinSwitch Kuber disabled crypto withdrawal and Twitter responded furiously - continue reading to learn more.

The past fiscal year has witnessed the greatest surge in the Indian cryptocurrency market alone, with millions of dollars’ worth of digital assets undergoing trade and investments. Not to mention, India also boasts of one of the fastest-growing crypto communities across the globe with millions of new investors adding every three months.

However, has the journey been all rainbows and butterflies for cryptocurrency investors in India? Not. Cryptocurrency and digital assets (BTC, ETH, etc.) have never been a stranger to controversy due to their decentralized nature; however, the recent introduction of foreign exchange regulations and government involvement has become a nightmare for the Indian crypto investors’ communities. 

In recent events, CoinSwitch Kuber disabled crypto withdrawal temporarily due to similar reasons; here’s how Twitter blew up with criticism and anger in response:

Founded in 2017, CoinSwitch Kuber deals with over 80 digital coins including, but not limited to Ethereum, Dogecoin, BTC, and Binance coins. However, a year has passed since the fiasco with no such updates on when the company will enable withdrawal, and Twitterati has many questions for the controversial unicorn brand.

Cryptocurrencies do not adhere to government regulations due to decentralization, which lets the biggest crypto apps around the world, allow investors to trade or invest in digital assets without any such guidelines. 

In that context, how CoinSwitch Kuber disabled crypto withdrawal to comply with the Foreign Exchange Management Act (FEMA) and other laws stands as a challenge to the core idea of decentralization. For more updates on the latest crypto trends and news, stay tuned.

 

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