Join the larget crypto conference of 2022 in Bitcoin
$ 39,046

Mobikwik distances itself from India crypto exchanges support

Mobikwik distances itself from India crypto exchanges support 23

Digital Banking Wallet service provider Mobikwik is no longer interested in crypto exchange support. 

Since the very beginning, Indian crypto exchanges are not able to provide better crypto services because of a lack of support from government agencies and also from Banking regulatory bodies. In this situation, many crypto-interested banking players are not able to provide crypto-related banking services support.

According to local Indian news media outlets, e-wallet Mobikwik suspended its services for the crypto exchanges or crypto companies on 1 April. The significant issue with this decision of Mobikwik can be seen in the crypto offerings of Binance owned crypto exchange WazirX, because Wazirx was dependent on Mobikwik payment method to provide users a way to deposit funds. 

Mobikwik distances itself from India crypto exchanges support 22

Here it is still unconfirmed why Mobikwik withdrew its support for crypto exchanges but reports are claiming that Reserve Bank of India (RBI) subsidiary NPCI statements played significant roles in this decision of Mobikwik to crypto companies. 

However, Mobikwik closed its services for crypto exchanges on 1 April but a statement from NPCI came on 7 April. And secondly Mobikwik’ payment services are not limited to NPCI’ UPI payment method but also it includes almost every payment options.

When Coinbase exchange failed to get regulatory approval to use a UPI payment gateway for its crypto exchange, Coinbase stated that it will work on this matter with official agencies to provide compliance-based services.

On 7 April, NPCI noted that no one crypto exchanges are legally under the approval to provide UPI-based payment services for crypto-related businesses because crypto stands under no legal status standard in India.

Few people raised questions about this official statement of NPCI and claimed that NPCI is a division of RBI, which is further under the Finance Ministry. So, on one hand, crypto trading is legal under the existing crypto tax bill of India, which was introduced by the Indian finance ministry, and secondly, RBI already released its statement that no one Bank ordered to suspend services for crypto companies. 

Now it will be a matter of time if crypto proponents will challenge such statements legally in the Supreme Court.

Read also: Crypto exchanges facing no UPI banking services support

Mobikwik distances itself from India crypto exchanges support


Buy bitcoin and other cryptocurrencies on crypto exchanges  Binance ,  Coinbase ,  Kraken  and  Bitfinex !

Don’t miss a thing, sign up for our newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.


BINANCE - The Exchange with the Most Trading Volume in the Wold

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

--------------------------Ads by Cryptonews24--------------------------------------
CocaCola Investing Platform

✅Brand new company platform launched 17/09/2022🔥💯


👉🏼Coca-Cola 👈

Don't miss Coca-Cola if you want to generate passive income.

It is a brand new company with stable and moderate income that will help investors earn money in the long run.

Say no!! on sites with high commissions, they only last a few days.

Coca-Cola is a legitimate company and supplies are standard.

$5 sign up bonus

-Minimum deposit $20
-Minimum withdrawal $10

Withdrawal time 0~10 minutes💯 ✅

Get 7% of your deposit everyday🔥
-Deposit 20, Get $1.5 Daily ✅
-Deposit 30, Get $2.1 Daily ✅
-Deposit 50, Get $3.5 Daily ✅
-Deposit 100, Get $7 Daily ✅
-Deposit 200, Get 14 Daily ✅

Get 10% of your first deposit and 10% on invite deposits 😱

Reward Invitations🏅
-30 valid members, get $100 reward ✅
-60 valid members, Get $150 reward ✅
-100 valid members, Get $350 reward ✅
Note: Valid member charges $30 and up

Deposit Reward🏅
Get 10%, 2% and 1% of Lv1, Lv2 and Lv3 group deposits.

A lot of activities will be organized in the main group to help hardworking members make a lot of money 💰

Registration link

This is a long term project!! Do not miss it!!! 💎 💎 💎 💎 💎


Cryptonews24 Channel Chat