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Crypto Exchanges Hunker Down as Woes Pile Up in India

  • ‘It’s literally crypto winter here:’ WazirX vice president
  • A 1% tax on crypto transactions takes effect on July 1
BitBase Cryptocurrency Exchanges After Record Week For Volatility
Photographer: Angel Garcia/Bloomberg

India’s largest digital assets exchanges are bracing for a drawn-out crypto winter — one with some unwelcome local twists. 

With token prices plummeting, customers unable to transfer money to their accounts and a dreaded transaction tax on cryptocurrencies just around the corner, exchanges like Binance-backed WazirX have put expansion plans on the back burner.