Friday, Aug 12, 2022
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CoinDCX Restricted Crypto Deposits and Withdrawal, Bitcoin Rises

The price of Bitcoin rose by 1.78 per cent while Ethereum was up by 5.26 per cent in last 24 hours

Due to compliance, risk, and monitoring requirements, Indian cryptocurrency exchange CoinDCX has stopped accepting cryptocurrency deposits and withdrawals from multiple individuals.

Indian crypto exchange CoinDCX has halted its crypto deposits and withdrawals for multiple users in response to compliance, risk, and monitoring requirements, the company announced in a blog post this week.

CoinDCX has been bolstering its compliance and risk structure in response to stricter criteria for offering seamless rupee deposits and withdrawals. CoinDCX announced that this was being done in a series of steps, including improving KYC coverage, enhancing the risk framework for crypto deposits and withdrawals, and integrating with compliance and monitoring tools like Coinfirm, Solidus Labs, Signzy, and Digilocker, etc., over the last six months.

“Over the past month, we have been gradually restricting crypto deposits and withdrawals for multiple users,” CoinDCX said in the blog.

CoinDCX’s head of marketing, Ramalingam S said in a Tweet: “While some wallets are under maintenance, there is a larger compliance requirement due to evolving regulatory needs, resulting in increased scrutiny. The new process is being rolled out in phases and will reach all users in due course.”

In other news, US crypto company Harmony has announced that criminals stole approximately $100 million worth of digital currency from one of its core products, according to a report by news agency Reuters.

  Harmony creates Blockchains for non-fungible tokens (NFTs) and so-called decentralised finance or peer-to-peer platforms that provide loans and other services without the need for conventional gatekeepers like banks.

Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 1.78 per cent in the last 24 hours, and it was trading at $21,050.39 at 4:45 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 42.73 per cent, down by 0.41 per cent in the last 24 hours.

Ethereum (ETH) was trading at $1,165.99, up by 5.26 per cent, in the last 24 hours, while Binance Coin (BNB) was up by 4.48 per cent during the same time period. It was trading at $235.52. Solana (SOL) was up by 7.39 per cent to $39.84, while Cardano (ADA) was up by 4.49 per cent to $0.4965.

Meme Coins

Dogecoin was trading at $0.0662 at 4:45 pm IST, up by 3.25 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was up by 7.82 per cent, and it was trading at $0.00001099. Samoyedcoin was up by 12.14 per cent, and it was trading at $0.00593, while Dogelon Mars was up by 6.42 per cent, and it was trading at $0.0000002835.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $936.76 billion, an increase of 2.43 per cent in the last 24 hours, while the total crypto market volume was 62.68 billion, a decrease of 5.50 per cent

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