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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.

May 8, 2015 at 3:25 p.m. UTC
Updated Sep 11, 2021 at 11:40 a.m. UTC

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.

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