Indian crypto exchanges freeze suspicious accounts as bitcoin crosses $40,000
- India lacks any formal KYC rules or exchange regulations for cryptocurrency and hence exchanges have devised their own rules
- Noticing pump and dump manoeuvres by operators in small cap, low trading volumes crypto coins, a cryptocurrency exchange has promptly suspended four accounts
MUMBAI: Cryptocurrency exchanges in India have stepped up their efforts to detect suspicious activities and clamp down on ‘pump and dump’ schemes, as bitcoin breached the $40,000 mark yesterday. CoinDCX, a large cryptocurrency exchange said that it has frozen 4 accounts which were used for artificially pushing up the price of smaller cryptos in a bid to lure retail investors to enter at inflated prices.
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