Several Accounts Blocked After Crypto Exchanges Receive Multiple Red Flags

A large number of cryptocurrency exchanges in India have begun blocking and reporting a large number of trading accounts. In most cases, these accounts have been undertaking trades of a suspicious nature.

Fortunately, however, several government based agencies have taken notice the red flags. Believe it or not, one of those red flags happen to be crypto used for the purpose of money laundering. While this may seem incredibly surprising, incidents like these happen quite often in the crypto world.

All of this self regulation has been coming during a period when the government of India has not offered any sort of regulation concerning the matter of crypto. What makes matters even worse is the fact that the government has not proposed any sort of plan for taxing the crypto.

If you have been out of the crypto world’s loop, it is worth keeping in mind that a large number of countries have been very strict when it comes to regulations. As a matter of fact, crypto based regulations have been getting stricter by the day.

Some people believe that these regulations could become even stricter down the line. While some people belonging from the crypto community may not like this change, it is only for everybody’s betterment.

There have been loads and loads of scenarios where people made crypto investments but ended up losing a massive amount of money. Because of losses like these, the reputation of crypto trading and investing went down significantly as people show a great deal of hesitation.

However, if you take a closer look at the world of crypto, it will be easy to see that it is not as unsafe as many people make it out to be. As a matter of fact, there have been loads and loads of improvements over the years, making crypto investment a great option for new comers as well as seasoned pros.

That being said, a large number of trackers in the industry claim that several investigators, which also include officials from cybercrime departments noticed red flags recently. One of the reasons behind these red flags was the illicit activities a large number of crypto investors and traders were involved in.

Fortunately, however, as soon as these red flags were raised, crypto exchanges wasted no time in blocking the trading accounts involved in said activities. While it would be fair to say that the crypto space has a lot more to do in terms of safety, it is heading in the right direction.

Because of all of this, the amount of crypto investments made recently have improved drastically and experts think that there is a lot more to come.

Leave a Reply

Your email address will not be published.