Bitcoin Exchange BTCXIndia to Close After Losing Bank Account

Bitcoin exchange BTCXIndia has been forced to shut down following the loss of its banking partner.

AccessTimeIconMay 8, 2015 at 3:25 p.m. UTC
Updated Sep 11, 2021 at 11:40 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin exchange BTCXIndia has announced that it is closing its doors later this month following the loss of its banking partner.

The India-based exchange, which featured a live trading platform and wallet service, said in a statement on its website and via email that it would close its doors on 20th May.

The exchange operator suggested that the closure was a result of a broader policy shift on the part of its Indian banking partner, explaining:

"We have been informed by our bank that they will no longer serve bitcoin businesses. We have investigated the possibility to operate through other banks, but it seems this is a general policy in India as of today."

BTCXIndia urged users to withdraw their funds before the cut off date and suggested that the exchange could reopen should a new banking partner be acquired in the future.

The exchange, launched in May of last year, had previously emphasized its commitment to regulatory compliance and cooperation with the Indian government. Its closure is notable given unconfirmed reports of regulatory issues facing other exchanges in India.

CoinDesk reached out to BTCXIndia, which declined further comment.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.