“There is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny,” a senior executive at the Coinbase Ventures and B Capital backed cryptocurrency exchange said.
Fast facts
“We have restricted crypto withdrawal from our platform,” with users being able to deposit and withdraw funds in Indian rupees from CoinDCX, the company told Forkast on Monday.
“The restriction is an enhanced measure, to strengthen our safety protocols and was gradually initiated over the past one month for multiple users,” CoinDCX said in an emailed response to Forkast queries.
CoinDCX is focusing on improving its know-your-customer norms as well as risk and compliance management for crypto deposit and withdrawal, the emailed statement said without elaborating.
However, on a support page updated 24 days ago, CoinDCX said wallets are only open for withdrawals for USDT-Tron and BTC with deposits open for the former.
CoinDCX will continue to try to protect customers from “...
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