CoinDCX said it was strengthening its compliance and risk framework to meet the requirements for improving user withdrawals and deposits. The company said it has been increasing KYC coverage for the past six months. It said it was improving the risk framework for crypto deposits, with drawals. Over the past month, several crypto users’ deposits and withdrawals have been systematically restricted. At present, these deposits, with drawals, are completely banned.
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Investors need KYC.
CoinDCX says that every single user on their platform must submit a KYC. Some crypto exchanges, such as the Celsius Network, are currently experiencing liquidity problems. These companies are stopping cryptocurrencies and transfers. With the ban on Celsius Network with Dials and Transfers, the price of Bitcoin has plummeted.
As part of CoinDCX Platform Systems Maintenance, it shut down Withdrawals in May without any notice. Investors were incensed that the company had to issue advance notices stating that withdrawals would not be allowed. However, the company said it could handle rupee deposits and withdrawals as usual. But the restrictions are on crypto deposits and withdrawals.
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