In the light of recent deliberation around the provisions of The Foreign Exchange Management Act (FEMA) and all other applicable laws, CoinSwitch Kuber had temporarily disabled the ‘Crypto Withdrawal’ option on our trading app as of 22nd July, 2021 keeping in mind the best interest of our users.
UPDATE (as on 10th August, 2021): We are still working towards a suitable solution to allow ‘Crypto Withdrawal’ option while ensuring compliance with all the Indian laws and regulations.
- Only the CRYPTO WITHDRAW option is temporarily disabled.
- All other options – BUY, SELL, DEPOSIT and INR WITHDRAW – will function normally.
CoinSwitch Kuber is striving hard to secure the interests of all our users. Our intention is to bring in more transparency that will benefit our users and the larger crypto ecosystem. The window will allow us to put in place strong measures that will ensure user protection without bringing any law of the land into question.
We thank you for trusting us and will continue to serve you at our best. In case of any clarifications, please reach out to firstname.lastname@example.org.
Thanks for your support!
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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