Yes, BTSE is shutting down its services in India. This is happening because the platform didn’t meet India’s new financial regulations. If you’re using BTSE, don’t worry. This guide will explain what’s happening and show you how to move your money safely to a new platform.
Why BTSE is Leaving India
Here’s the simple reason: BTSE failed to adhere to the Prevention of Money Laundering Act (PMLA), 2002. The Indian government wants all offhshore virtual digital assets service providers (VDA SPs) to register with their financial intelligence unit (FIU). Since BTSE did not complete this mandatory registration, it is no longer allowed to operate in India.
To put it in simple terms:
- The Indian government requires all crypto exchanges to register with FIU-IND
- This registration is mandatory for operating legally
- BTSE did not complete the required compliance
- As a result, it must stop serving Indian users and they are forced to remove apps, websites or urls available
This isn’t just happening to BTSE. Several international exchanges are facing the same issue. The government wants to make crypto trading safer for everyone in India.
How to Move Your Money Safely
If you have money on BTSE, follow these steps carefully:
Step 1: Check Your Balance
- Log into your BTSE account. See how much cryptocurrency and INR you have. Write it down so you don’t forge
Step 2: Close Open Trades
- Cancel any pending orders. Make sure all your trades are complete. Your money needs to be available for withdrawal.
Step 3: Find a New Exchange
- Choose an exchange that comply with local rules and regulations. BTZO is a good option (since it comply with the local laws and regulations). Create an account on your new chosen platform.
Step 4: Withdraw Your Money
- For cryptocurrency: Send it to your new exchange wallet
- For INR: Withdraw to your bank account
- Always do a test transaction first with a small amount
Step 5: Secure Your New Account
Turn on two-factor authentication (2FA) immediately. This adds extra protection to your account.
Where Should You Go Next?
You need a platform that follows local laws. BTZO is becoming very popular among former BTSE users. Here’s why:
- The trading experience is smooth and reliable
- Fees are reasonable
- They offer many trading pairs
- Your money is safe and legal there
Other good options include CoinDCX, ZebPay, and WazirX. But BTZO is specifically designed to work well for Indian traders following all the new rules.
Final Thoughts
BTSE leaving India is actually good for the long term. It means the government is making crypto trading safer for everyone. While changing platforms can be annoying, it’s better to use exchanges that follow the rules.
Your money’s safety should always come first. Choose platforms that respect Indian laws. BTZO is a great choice if you’re looking for a safe, reliable platform that won’t have the same problems as BTSE. Make the switch soon and keep trading with confidence.