Topic: BTCXIndia Shutting Operation (Read 5514 times)

Hope you know, this certificates holds value only to banker and ignorant; not someone who is well versed with Bitcoin dynamics. Conventional methods and strategy of money laundering are not applied in Bitcoin ecosystem. Here, money is laundered in totally different way. To simply put, someone with certificate from IIBF is not competent enough to counter money laundering and raise red flag. That was not a invitation to discussion, but statement with conclusion.

I appreciate the cool and calm way dashingriddler explained his points which ultimately helped to remove confusion and doubts anybody might be having after his earlier comment. I will request all the wise and nice guys here to not get angered if others ask basic questions or raise their doubts. Afterall community is disturbed, shocked, enraged by the recent developments hence the doubts, questions are bound toget raised. Please bear and keep patience.

Mr. Kamesh,

I have few direct questions for you. You are free to ignore if not comfortable.

1. Did you try to engage ICICI Bank as Banking Partner specifically giving reference of Coinsecure ? They cannot differentiate between two clients belonging to same business domain.
2. What is the basis of your assurance when you yourself claim there is no bank ready to do banking with you ? What make you believe the banks will change their mind about you in future ?
3. What is different between you and UnoCoin/Coinsecure which resulted in only no banking partner for you ?

I believe answers to above queries will help to clear a lot of confusion around this at present.

Yes that is what I understand as well. I m happy that they are at least not abandoning their existence to bitcoin community.

That means, the site can be used as an online wallet to send/receive BTC (like blockchain.info) but converting FIAT --> BTC and vice versa is disabled?

As previously communicated, BTCXIndia is as of today no longer operating a bitcoin trading platform. The site will remain open as a free of charge bitcoin wallet service, and we are working hard to liaise with our banking partners and banking authorities to ensure that we can re-open trading in the near future.

We would like to extend a big thanks to all our customers for your support and patience with our operations being closed down. We hope to see you back trading with us as soon as we are able to re-open business.

Sincerely,
BTCXIndia

Noted.

Glad that I made that Axis account long back.

+1 to that. are you ready BTCXINDIA.COM or there is more to the story......................?

Sure, I was referring to the terms & conditions and compliance document you had prepared when you started your services. Not regarding the certification you got few months ago - i have received a newsletter from you about this certification. i know you guys took compliance seriously just after you started. i also remember when you were accepting documents to your email and then you put together the web page for it - all good, just the learning curve.

What I am trying to say here is, our compliance was never been lesser than what it should have been. So i was replying to comment by ctptosec.

Are you ctptosec as well or is he your employee ?
Are you fine with re-opening your business if i can help you get a new banking relationship?

Here I am providing our compliance officer certificate; certified by IIBF

I am not sure why you think there is shouting going on here. Is it true that you work for btcxindia ? In that case you may have some specific questions to the community.

Unocoin is violating the compliance? where and when wast the regulatory authority blamed? and where did unocoin ever tell it is sharing customer data? you seriously need to stop assuming things.
On the other hand i know the story behind the compliance document of btcxindia - so you better do not talk about it now.

You think putting that statement by btcxindia is helping someone here? It is not about putting a statement after everything is over. If he did bring up the topic of his bank not supporting him here, there are way too many people including myself who could help him. No use of being "heart broken" now and claiming you did the better thing !

Yes i have requested Benson to lock the thread (after knowing it cannot be removed). There is nothing to hide but i m trying to stop the way the thread is moving as it got mis-guided by you and few others.
However i just requested to unlock momentarily so that i can add my comments (instead of leaving it hanging). you can go to that thread and read it.

Understand that, there was no debate going except my comments getting misinterpreted. We as a community should be more bothered about not getting the wrong words across to public than losing a hot topic for trolling. However, if you have specific concerns, feel free to IM and you know that i will respond.

Lol, I have never appreciated their funny marketing ways and they lost me on day 0 when they posted a fake testimonial of mine on their website. I made this decision as a moderator and nothing else, so don't get FISHY on me :p

1. This topic could have come under main, if OP wanted or could have come under news or off-topic, based on his choosing.

2. I was requested to remove the thread, but he was not trying to hide anything. In fact, he wanted advice and support from the forums, but probably did not understand that this was a matter to be dealt with by lawyers.

3. That topic was started by dashingriddler, if you want an eternally open topic, do start one. This industry is too new to start some low level drama, Bitcoin HAS to grow and daily business offerings cannot become a pivot in the industry.

My View: Was a mistake for them to post that. Banks and financial institutions have 100's of inquiries per day and have a professional way to handle them. But this is a nascent industry and all Businesses need to grow and learn to grow, else there will be an awesome technology with no backbone. If there were no replies on that thread, at my discretion, I could and would have deleted that on request.

This thread is related to a different topic, which is of equal importance. Please do not continue to cross-post.

IT IS ALL VERY FISHY & now you too are joining hands BENSON............

Unanswered QUESTIONS remain:

1. how do you justify this topic to be moved to NEWS section??

2. Did Sathvik (CEO Unocoin.com) wanted to DELETE the thread. What is HE TRYING TO HIDE?

3. the discussion at https://bitcointalksearch.org/topic/m.11330568 is NOT OVER.
IT IS IMPORTANT TOPIC FOR THE COMMUNITY REGARDING LEGALITY. IT SHOULD BE KEPT ETERNALLY OPENED.

Sathvik a advice, if you want to be afraid, the least you can do is get the hell out of Bitcoin business.

YOU CAN'T CRUSH OPEN DEBATE

Regards,

retract "but it seems this is a general policy in India as of today.", maybe this is valid for btcxindia, but has not hampered the others.
I have not said anything apart from that. You'll cannot cause panic by making general statements and induce unsurity without even knowing the status of other businesses.
Apart from that, there have been people who have been a lot more vocal than me. Would appreciate, if you could turn your biases, ego and conspiracies towards them.
I have never mentioned a bad statement about your company and honestly find it intriguing as to why you'll would try to take me on in some places with absolutely no provocation or need.

I have always appreciated Kamesh and wish him the best with his next or pursuant venture.

Your press statement does not make much of a difference to us or anything. It will fade away in time and all that will be left is a question mark or the truth.
I have replied where required, that your generalized statement about Bitcoin in India is presumed and loose, so those that read can understand that Bitcoin still controls tremendous interest across India.

Wish you guys the best of luck!

I did explain when OP requested, that moving and locking does not prevent a new thread from being linked to it and being restarted.
However, it did seem like a sincere request. As there were quite a few contributions from others, I could not delete the thread as per OP's request.
Hence, the lock and move.

Good catch!
I was wondering where the thread went.

Why are you (Benson and UnoCoin)shouting here. Call the press and condemn the BTCXIndia statement else release the press note, which says your( Benson and Unocoin) bankers are supporting the Bitcoin business.

Else give the press note here on your letterheads; I will forward the same to Coindesk and Cryptocoinnews. Hence Coin desk and Crypto coin news will explain an Indian Bitcoin scenario to the world.

You (Unocoin) are keep on violating the compliance ( I cautioned many times here) and now you are blaming the regulatory authorities. If you violate the compliance they will summon, questioned or grilled you, they have right to do. If you take the basic caution then now you needn’t share customer data to the authorities. You are violating the compliance and share the customer sensitive information to the authorities.

At least BTCXIndia gave advance notice to the customers and release the press note. We have to see, is it any of the customer (BTCXIndia customer) facing funds withdrawals or not.

Please share your experience for the funds withdrawals with BTCXIndia; which is really helpful to the other traders.

but does all requests, topic creators make, get approved, even though they fail logic?

how do you justify this topic to be moved to NEWS section?? Sathvik (CEO Unocoin.com) your views......?

Regards,

Since Unocoin and Coinsecure say they have not been having any issues with their banking partners, I believe BTCXIndia has some othe rissues but they prefer to put the blame on banks.
Otherwise they would have found a way to continue their business just like other exchanges.

But I'm glad that the're at least providing enough time to their customers to withdraw their money and they haven't run away like Mt.Gox