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Two Major Indian Cryptocurrency Exchanges Halt Deposits Amid Regulatory Uncertainty

Amy Liu

Summary: According to Reuters, two major Indian cryptocurrency exchanges have disabled deposits via a popular payment system. Users were unable to deposit cash via the United Payments Interface (UPI) to buy cryptocurrency on the CoinSwitch Kuber and WazirX exchanges. UPI is a popular real-time payment system regulated by India’s central bank. Reuters added that users complained ...

According to Reuters, two major Indian cryptocurrency exchanges have disabled deposits via a popular payment system. Users were unable to deposit cash via the United Payments Interface (UPI) to buy cryptocurrency on the CoinSwitch Kuber and WazirX exchanges. UPI is a popular real-time payment system regulated by India’s central bank. Reuters added that users complained about the lack of clarity from the exchanges on why the halt happened, but said that CoinSwitch halted UPI acceptance due to “regulatory uncertainty”; WazirX said its deposit facility via UPI had been disabled back in December.

By Amy Liu

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