Why crypto industry is struggling to emerge from the gloom
- Exchanges are facing ED raids and investors are struggling to withdraw money from their wallets
NEW DELHI/MUMBAI : A senior executive from an Indian fintech is in a bind, as about ₹20 lakh of his money is “stuck" in cryptocurrencies. “For the past month, many exchanges are not allowing users to withdraw crypto from their wallets," rued the executive, who did not want to be named. Even exchanges not in the cross hairs of authorities like the enforcement directorate (ED) “have either stopped users from withdrawing crypto, or at the very least alerted them about long delays in executing the trades," said the executive, who is an Indian citizen based in Dubai.