CoinDCX Updates Terms for Users in India to Align with Indian Laws

by

As a long-time investor in the ever-evolving world of cryptocurrencies, I find myself both encouraged and somewhat apprehensive by the recent developments surrounding CoinDCX. Neeraj Khandelwal’s assurance that they are aligning their terms and conditions with Indian laws is certainly a step in the right direction, addressing valid concerns about trust and legal recourse within our local community.

Neeraj Khandelwal, one of the founders of CoinDCX, announced that they’re planning to revise their terms and conditions for all Indian users, making sure these terms adhere to the legal framework within India.

Khandelwal points out in his post about X that it’s regrettable and inconvenient that Indian crypto users have to resort to places like Dubai, Singapore, or Mauritius to seek any legal assistance.

Khandelwal’s statement follows discussions regarding the authenticity of Indian crypto exchanges, given that numerous platforms have relocated their activities to nations known for their crypto-friendly policies.

One user raised this concern due to frustration following the WazirX hack and the ongoing issues with fund withdrawals, which have led to a loss of trust in Indian crypto exchanges.

In 2018, several popular cryptocurrency exchanges like WazirX, ZebPay, Vauld, and more recently CoinSwitch Kuber and CoinDCX have chosen to set up their bases outside of India, with Singapore and Dubai being their preferred locations. Interestingly, Polygon has also moved its operations to Dubai, while Mudrex has decided to establish itself in the United States.

Despite owning BitOasis, the largest cryptocurrency exchange in the UAE, it’s important to note that for Indian users, interactions are carried out with CoinDCX’s local entity within India, not a foreign one. They also advised against spreading unfounded fear, uncertainty, and doubt (FUD).

Furthermore, he noted that the legislation governing all CoinDCX users would be Indian, and any legal matters would be managed within the country’s borders. However, he emphasized that the platform would persist in catering to various global markets through its overseas subsidiaries.

As a researcher, I’m excited to announce that we are expediting an update to our terms and conditions within the coming weeks. Our legal team has been diligently working on this to ensure fair treatment for the Indian cryptocurrency community, which aligns with our commitment to fostering a transparent and equitable digital asset ecosystem.

Additionally, during the discussion, Khandelwal touched upon the subject of cryptocurrency withdrawals. He mentioned that they are diligently working on resolving this issue privately. Although he couldn’t provide an exact timeframe, he emphasized that prioritizing the reactivation of withdrawals is a significant focus for CoinDCX.

A user voiced their disapproval towards CoinDCX, stating that tweets from Neeraj Khandelwal seem more about seeking praise than genuine dedication, much like Nischal Shetty’s tweets. This user suggested that Indian crypto enthusiasts have grown disillusioned and may migrate to other platforms. In response, Khandelwal advised the user to depart from CoinDCX if they are dissatisfied, indicating that the company would be able to continue successfully without them.

As a researcher, I’m committed to ensuring that our platform, CoinDCX, complies with Indian regulations, addresses user concerns, and swiftly implements improvements for equitable treatment. Prioritizing the reopening of cryptocurrency withdrawals is one of our key focus areas.

Read More

2024-12-20 19:48