Unocoin made this announcement with The Economic Times stating that regulatory uncertainties were the reasons for its actions. The crypto exchange said it made the decision ahead of a Supreme Court hearing on the legal status of cryptocurrency in India slated for July 2019.
India’s Crypto Unfavorably Stance
Crypto exchanges in India have had to pause all banking services. This is as a result of the ban placed on crypto dealing last year by the Reserve Bank of India (RBI).
The crypto industry is looking to reverse the decision of The Reserve Bank of India (RBI). The process, however, has taken the form of a long Supreme Court brawl, which has left Unocoin low on resources.
The platform has had to fire 50% of its staff and is presently being run on its capital reserve as executives await the court decision.
CEO of Unocoin, Sathvik Vishwanath told Economic Times, “We did ask people to leave last week, but our operations will continue for the foreseeable future.”
He further stated that the company has enough in reserve to last the next couple of months before the Supreme Court’s Verdict.
Unocoin a top Indian crypto exchange platforms, it is also the first crypto business outlet opened in India. It was founded back in 2013.
The platform attracted a lot of partners and investors due to its very affordable services. Presently, it is now an internationally acclaimed company.
Apart from being a blockchain company, Unocoin provides special trading services and also owns a virtual wallet for storing digital assets. It is the only crypto exchange that carries out BTC transfers in India with low service charges
Other Crypto Exchanges in India also Affected
Other crypto exchanges in India are not finding it so easy also as they await the court’s decision.
In April, Coindelta, an Indian crypto exchange announced that it was folding up as a result of extreme tax regulations and unfavorable conditions for crypto in the country.