Indian crypto exchange CoinSwitch Kuber has temporarily disabled its Indian Rupee (INR) deposit service via UPI on its app. The news alerted Indian investors as they are looking at the government for more clarity on crypto assets.
At the time of writing, the app suspended the INR deposit option through the Unified Payments Interface (UPI) as well as the bank transfer route through NEFT/RTGS/IMPS.
A current situation might be the repulsive effects of the exit of e-wallet service provider Mobikwik and its partners, who have terminated their relationship with the cryptocurrency exchange.
Among the clouds of uncertainty around the crypto regulatory framework, the daily trading volume on crypto exchanges such as WazirX, ZebPay, and Giottus fell to a six-month low on April 10.
One of the top-notch crypto exchanges in India, WazirX had seen a 65-90 percent downfall in its business after Mobikwik suspended its offerings on the crypto exchange over the last few days. Today, WazirX has also halted its UPI deposit option on a temporary basis.
Since the Indian Finance Ministry implemented a 30% tax on crypto transactions on April 1, the table has turned for the crypto exchanges and their trading volume is continuously falling.
This endgame is not only stuck with India-based crypto exchanges, as the bug caught global crypto giants too. Recently, Coinbase has also suspended the Unified Payments Interface (UPI) on its application within three days of its glitzy launch in India.