CoinDCX, an India-based major cryptocurrency exchange, has suspended crypto deposits and withdrawals for various users,citing compliance measures as the reason for the move.
After many customers expressed their disappointment on social media, Ramalingam S, Head of Branding, Marketing, and Communications at CoinDCX, stated: “While some wallets are under maintenance, there is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny. The new process is being rolled out in phases, & it will reach all users in due course. Until then, I request your support.”
The exchange mentioned that customers must complete the Know-Your-Customer (KYC) process to enable crypto deposits and withdrawals.
Since 13th May, CoinDCX has put in place withdrawal restrictions, which have been extended until further notice to strengthen its compliance and risk framework.
CoinDCX is not the only one affected. Coinswitch Kuber also stated that the withdrawal suspension is...
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