A report by PwC shows revealed that funding in Indian startups dipped 40% in Q2, with digital currency startups feeling the most heat as funds dry up.
The Directorate of Enforcement has been questioning executives at CoinSwitch Kuber, CoinDCX, and WazirX regarding violating foreign exchange regulations.
The notice comes after users took to social media to decry the lack of explanation for the suspension of withdrawals on the digital currency exchange that had been noticed since May.
Investors and traders are bearing the strict regulations on digital currency in India—with some transferring their digital currencies to overseas wallets and opening accounts abroad.
Indian teens are taking an unusual approach to beat the pandemic by investing in digital currency—fueling the digital currency market, which stood at $6.6B last year
It intends to use the funds to grow its customer base and launch new products as it continues to compete with WazirX, the other major exchange in the country.
The platform will allow the users to buy digital currencies in the Indian rupee at zero fees, OKEx CEO Jay Hao tells CoinGeek.
The Indian government has reportedly been considering a total ban on digital currencies, but as CoinDCX told CoinGeek, the best way forward is proper regulation.
India has been supporting digital currencies despite the banking ban that stifled the industry, with a Paxful report revealing 94% invested before it was lifted.
BuyUCoin exchange is expanding to Estonia after obtaining the two licenses required to operate in the country. It also partnered with local mobile payments firm.
CoinDCX has raised $3M in Serie A funding, led by Polychain Capital and HDR Group, the operator of BitMEX. It plans on expanding and doubling its staff.