Over the last few days, we’ve seen the cryptocurrency trading market turning on its head. After Tesla pulled out of Bitcoin, the market took a major plunge with top traded tokens diving as much as 30-40% in a single week. Now, we have some further bad news for cryptocurrency investors as major payment gateways are pulling the plus on crypto exchanges around the world.
This will especially hurt those wanting to do cryptocurrency trading from India as Paytm Payments Bank Ltd (PPBL) which is one of the largest online wallets in India, has decided to dissociate itself with crypto exchanges in the country. This was announced on Friday, 21st May 2021 and across the world, rivals PayPal and other payments firms have also pulled the plug on crypto exchanges.
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Amidst the existing cryptocurrency chaos, Paytm will not permit people to buy and/or sell crypto coins via its platform effective immediately this evening and there was no official reason or statement given regarding the same either. Earlier this week, Paytm cut ties with crypto exchanges like Zebpay, WazirX, and BuyUCoin and refused to renegotiate the same.
Most crypto exchanges sent out an email to traders to notify them about the same. “WazirX will not accept INR deposits to PayTM Bank account effective from 11:59 PM IST tonight, May 20, 2021. If you make any INR deposit via IMPS/NEFT/RTGS to our PayTM Bank account after 11:59 PM IST, it will revert to your source bank account within 7-10 business days,” said leading crypto exchange, WazirX.
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Now, investors will have to find alternatives as all major payment brands continue to discontinue dealing with cryptocurrency exchanges across the world. For all updates on cryptocurrencies and the legality in India, stay tuned to ReadScoops.com…
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