CoinSwitch Kuber and WazirX cryptocurrency exchanges in India have disabled rupee deposits for purchasing cryptocurrencies using the government-backed transfer network.
India’s largest crypto exchanges CoinSwitch Kuber and WazirX stopped their rupee deposits yesterday.
No comment was made from the National Payments Corporation of India (NPCI), the operator of the government-backed United Payments Interface (UPI), which facilitates bank transfers in India.
A Twitter user, Avijit Debnath, targeting the stock market via his social media account, “You closed it without giving any information. At least let us know how long it will be closed.”
CoinSwitch, which says it has more than 15 million users, did not respond.
No Relevant Statement From Authorities
An industry source with direct knowledge of the matter said that CoinSwitch’s decision to stop UPI adoption was due to legal uncertainty.
WazirX said in a statement via UPI that its deposit facility was deactivated in December, but declined to provide details.
While the CoinSwitch team did not explain why the deposits made via UPI were delayed, the WazirX team made the following statement on Twitter:
“UPI is not available for now. We will notify you when it becomes available again. In the meantime, we are trying to offer more options for those who want to invest in Indian rupees.”
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