Indian crypto exchange restricts cryptocurrency deposits and withdrawals

• Over the past month, CoinDCX has been gradually restricting crypto deposits & withdrawals for multiple users, the crypto exchange said

Indian crypto exchange CoinDCX has restricted crypto deposits & withdrawals for multiple users, it said in a blog post this week, citing compliance, risk and monitoring requirements.

Due to enhanced requirements for providing seamless rupee deposits & withdrawals, CoinDCX has been strengthening its compliance and risk framework, the company said.

“This was done in a series of steps, including improving KYC coverage, enhancing the risk framework for crypto deposit & withdrawal, and integrating with compliance and monitoring tools like Coinfirm, Solidus Labs, Signzy, Digilocker, etc., over the last six months. Over the past month, we have been gradually restricting crypto deposits & withdrawals for multiple users,” it added.

How does it impact the investors?

CoinDCX explained that every user needs to complete their KYC on its platform. Crypto deposits & withdrawals remain disabled for everyone by default. One must follow an enhanced due diligence process to enable crypto deposit/withdrawal. The policy on the same will be released in the next 14 days.