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Indian crypto exchanges freeze suspicious accounts as bitcoin crosses $40,000

CoinDCX, a massive crypto currency market said that it has 4 accounts that were used for artificially pushing up the price tag on smaller cryptos at an effort to lure retail investors to enter inflated rates.

India lacks any official KYC rules or exchange regulations for cryptocurrency and hence trades have devised their own rules. The shortage of regulation stems as the US Financial Crimes Enforcement Network (FINCEN) has proposed compulsory KYC standards for transfers of crypto currency to non-custodial pockets over $3,000.

‘There were instances where certain trades have been red flagged once they were in conflict using AML policies on the market and also we had to find advice on source of capital out of the customers,’ said Monark Modi, founder and CEO,” Bitex, a UAE established cryptocurrency exchange that has surgeries in India.

‘At Bitex as well to ensuring strict KYC, we additionally have stringent Anti Money Laundering (AML) coverages which ensures that trades done on the market are legitimate and according to regulations,’ he added. Neeraj Khandelwal, co founder, CoinDCX cautioned investors against investing in smallish cryptocurrencies without adequate understanding. ‘While smallcap crypto coins might seem lucrative, very similar to small cap stocks, it is critical that brand new cryptocurrency investors do adequate research concerning the endeavors, team, investor backing, technicals, and principles before investing in low price and illiquid markets,’ he explained. ‘We discovered pump and ditch manoeuvres by operators in smallcap, very low carbohydrate volumes crypto coins plus we estimate this has influenced multiple users around the planet. We have proactively identified and suspended 4 accounts of such persons,’ he added.

The push towards compliance comes even as interest in crypto investing has soared in India. WazirX,” India’s largest crypto currency market, now reports a userbase of over 1 millionup from the 550,000 users it cited in a blog-post at June 20 20. The market reported transactions worth $2.34 billion in 2020. However 70% of its users were below age 34 and 85% were men, based on statistics released to Mint by the cryptocurrency exchange. The market capitalisation of all cryptocurrencies surged beyond the $1 trillion mark to the back of a sharp rally over the last month. Bitcoin surpassed its 2017 peak of just under $20,000 on 16 December 2020 and now transactions near $40,000.

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