India's largest exchanges CoinDCX and Coinswitch Kuber have both shut down withdrawals, claiming they are "strengthening KYC"... were they lending and got rekt? Not your keys, not your coins. Get your coins off centralised bucketshops

Dramatically over the last few days, two of India's largest exchanges have shut down withdrawals. Both claim this is due to their policy of strengthening KYC. This comes at a time when many other centralized services like have closed down withdrawals too.

CoinDCX claims they are strengthening KYC process, they are forcing all existing already KYCd users through another KYC, and meanwhile have closed down withdrawals.

Many have been raising complains on social media.

In an e-mail, they claimed "crypto deposits and withdrawals are disabled by default". However deposits on old wallets are still allowed.. lol. So people can still deposit but not withdraw.

CoinDCX email.

Suddenly as globally exchanges are being exposed for running crooked businesses and lending their users coins out elsewhere, these exchanges have shut off withdrawals claiming they have to strengthen compliance.

On social media however, they claim they have a wallet issue.

Somehow wallet maintanence has affected all coins, so they have to shut down withdrawals for all coins.. lol. In email, its KYC reasons, over social media its wallet maintenance.

Maybe their internal memo got misplaced?

Another large exchange Coinswitch Kuber has also done the same thing.

They want to ensure compliance, so withdrawals are disabled.

These bucketshops are running a robinhood type service here.

If you cannot withdraw, you never know where your coins are. You may just be buying paper coins and these exchanges wont even have enough reserves, and no one can verify it since withdrawals are not allowed anyways.