Indian Crypto Excange CoinDCX Extends Withdrawal Restrictions to Meet Compliance Requirements

India's largest crypto exchange by value CoinDCX has extended the withdrawal restrictions that have been in place since May 13 until further notice. it said these extreme steps are necessary to implement enhanced compliance and risk frameworks.

After investors took to social media to express their frustration over the pausing of withdrawals at CoinDCX, the company put out a statement where it mentioned new compliance measures being taken as the reason for the suspension of deposits and withdrawals.

Ramalingam S head of Brand Marketing and Communications at CoinDCX tweeted while some wallets are under maintenance there is a more significant compliance requirement due to evolving regulatory needs resulting in increased scrutiny. The new process is being rolled out in phases and will reach all users in due course. Until then, I Request your support.

CoinDCX raised $135 million in funding in April at a valuation of $2.15 billion led by Steadview and Pantera.

On May 13 the crypto trading platform declared that deposits and withdrawals will be disabled until further notice to implement a system upgrade wallet maintenance service.

Read full news at: http://cryptounity.news/indian-crypto-excange-coindcx-extends-withdrawal-restrictions-to-meet-compliance-requirements

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