CoinSwitch Kuber’s move of disabling withdrawals for investors instigates a barrage of reactions from Twitterati

The financial space has been buzzing with discussions about cryptocurrency. Over the past decade, the new financial instrument has attracted swarms of investors hoping to make a big buck by trading cryptocurrency. This era can rightly be termed as the age of smart trading. However, there have always been doubts, skepticism, debates, and confusion about the legitimacy of cryptocurrency. Governments and citizens alike have been wary about the safety aspect of cryptocurrency investments.

These one-of-a-kind digital assets are being used extensively by millions of Americans since the early 2010s. However, the bug caught investors a bit later. According to experts, the viral wave of cryptocurrency in India was in 2021 when 20 million people from India were added to the list of cryptocurrency investors in a single year. The monetary investments crossed $638 million in 2021 and this led to the popularity of cryptocurrency trading apps like CoinSwitchKuber, CoinDCX, Zebpay, WazirX, etc.

Recently, there has been a commotion in the space because of the news of the temporary disablement of crypto withdrawals for investors by CoinSwitchKuber. This has been done to adhere to foreign exchange guidelines despite being a decentralized platform. This has added to the previous ripples caused because of the controversies over the trading of Bitcoin, Ethereum, Tether, Cardano, and other digital assets in the light of volatile markets, regulation norms, etc.

This has caused varied reactions on Twitter. Among some reactions that the disablement has instigated, the official Twitter handle of CoinSwitch tweeted “we are currently engaging with the regulators and policymakers in bringing regulations. Until some clarity is achieved, the crypto withdrawal function will remain disabled on the CoinSwitchKuber platform. We request your patience in this”.

Twitterati is exasperated and this reflects in tweets that are blaming CoinSwitch for this move. Now that the Indian government has reacted to crypto trading and new laws and guidelines are in line, it isn’t a surprise to come across challenges like market crashes, disablements, etc.