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Indian exchange CoinSwitch Kuber remains a constant target for many investors: Here's why
CoinSwitch Kuber, the biggest cryptocurrency exchange in India with more than 15 million users, has been a constant target for investors in the nation as Cryptonary witnessed a number of angry investors commenting on "unfair" tactics being used by the exchange. We tried to reach out to the co-founder of the application but couldn't get a reply at the time of writing.
CoinSwitch Kuber under fire
CoinSwitch Kuber is known for being a leading exchange in India and as per numerous tweets from users of the platform, the exchange has suspended withdrawals for investors. Moreover, it seems that the situation has been the same weeks and months, as clear from the tweet of another user seen below.Investors are calling for explanations from CoinSwitch Kuber officials and several memes familiar with the matter have become popular on Twitter. On the other hand, a hashtag related to the matter started trending in the nation too.
A similar wave of dissatisfaction was seen in the month of February when many users called the exchange "scam" and "fraud" and it seems that the chances of resuming withdrawal in the near future are bleak as per a reply to users that CoinSwitch Kuber Twitter handle gave.
Kuber said that the withdrawal has been stopped due to "growing concern about crypto being used to fund illegitimate activities and move money outside India" and also stated that "the crypto withdrawal function will remain disabled." In another tweet, the exchange added:
This is a temporary move. While we understand it's an inconvenience, we believe that it's only a minor bump in our way to regulate crypto in India.
Where does India stand?
When it comes to cryptocurrencies, India maintains a positive stance on the whole but believes in introducing strong regulations to deal with terror financing and money laundering. As noted in a previous report from Cryptonary, the crypto tax in the nation stands at 30% as per the Union Budget which will come to effect from April 2022. On the other hand, exchanges in the nation like CoinSwitch Kuber and WazirX have asked the government to reduce the taxation.Continue reading by joining Cryptonary Pro
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