Dateline: CoinSwitch Kuber, the largest crypto trading platform in India has sent out an important tweet stating that the crypto withdrawal function will remain disabled on their platform as they are currently engaging with government regulators and policymakers in bringing regulations.

In a tweet to its millions of users in India, CoinSwitch Kuber tweeted, “We are currently engaging with regulators and policymakers in bringing regulations. Until some clarity is achieved, the crypto withdrawal function will remain disabled on the CoinSwitch Kuber platform. We request your patience in this”

In recent months, cryptocurrencies have gained popularity in India, particularly among millennials. The millennials are more open to digital and cryptocurrencies since they are tech-savvy. After the US in 2010, the crypto wave extended to India in 2021, with over 20 million investors joining in a year. With a record-breaking amount of over $638 million being invested in assets in a year, newfound crypto trading apps like CoinSwitch Kuber, CoinDCX, Zebpay, and WazirX are gaining popularity by the day.

“CoinSwitch Kuber has disabled crypto withdrawal temporarily to adhere to foreign exchange guidelines, despite operating in a decentralized platform. Previously, the trading of bitcoin, Ethereum, tether, Cardano, and hundreds more digital assets have remained controversial topics because of issues such as volatile markets, continuous interference by the government, etc.” said a company spokesperson.

The Government of India has shown active involvement in crypto trading; and with the introduction of new laws and guidelines, challenges such as disabling deposit and withdrawal features, market crashes, etc. aren’t very surprising. Presenting the Union Budget 2022-23, Finance Minister, Nirmala Sitharaman announced a 30 percent tax on income from cryptocurrencies and 1 percent TDS.