UNVEILING THE CONTROVERSIAL DILEMMA OF COINSWITCH KUBER

The urge of making and multiplying money has opened the gates to the world of digital investment. From investing in the stock market, the young talent is now migrating to the digital gold rush - cryptocurrency. This metaverse has taken the world by storm in recent years. Creating an easy gateway for millennial customers, there emerged platforms like WazirX, Zebpay, CoinSwitch Kuber (CSK), and many more.

 The analysts of the market have predicted high projections of the crypto investment in the coming future. Here is what the CEO of WazirX, Nischal Shetty tweeted:

https://twitter.com/NischalShetty/status/1485826384475918337

 Like WazirX, CSK has become a prominent face for the trading of crypto exchanges. A majority of the users have relied on the claiming policies of the platform which is now shattered.

 With the raging debate over the CoinSwitch Kuber to freeze the virtual currency of its own investors, CSK is witnessing a series of contradictions from its users. Evidently, CoinSwitch Kuber has cornered their investors from withdrawing coins or transacting other cryptocurrencies to their CSK wallet. 

CHANGING SHADES OF CSK

Well, CoinSwitch Kuber is not new in the crypto space. However, it is vital for the new-age investors to acquaint themselves with this platform to make wise investment decisions at these testing times.

●     CSK is a platform that facilitates the exchange of cryptocurrencies in the metaverse.

●     One can invest in more than 80 cryptocurrencies starting as low as INR 100.

●     In October 2021, CSK onboarded famous Bollywood personality, Ranveer Singh as its brand ambassador with the aim to drive more investors towards crypto investment.

●     The platform ensured no lock-in period for the investment that implies easy withdrawal at any time. Although they have moved off from their policies and owned a path to go against crypto decentralization.

●     With the thought of investment, the investors also look for liquidity to withdraw their coins to other wallets. This simple outlook is now difficult on the CSK platform.

●     Being a decentralized trading market, no one can reign in the crypto transaction. This can instigate a fear of fraud thereby putting the hard-earned currencies of the users at stake.

●     The crypto enthusiasts are avidly looking to safeguard their hard-earned crypto investment.

 The Perplexing Statements of CSK

Crypto decentralization is regulated without any hindrances from the third party. All the crypto exchange trading platforms have to comply with this rule. However, it seems that CSK has jumped beyond the boundaries and called the shots as it wants.

●     Seemingly, the founder and CEO of CSK, Ashish Singhal has welcomed crypto decentralization but his actions have masked his words.

Ashish Singhal on Twitter: "The regulatory guidance on tax from the government furthers the mainstreaming excitement of this emerging asset class with over $6 bn worth of investments in India. It is also the gateway to the future decentralized world." / Twitter

●     Kuber’s actions have troubled their users and led them to raise questions about resuming the withdrawals of the coins to the wallet. To this, CSK has officially stated. ‘It is disabled as we are still working towards a suitable solution to allow crypto withdrawals while ensuring compliance with all the Indian laws and regulations.’

CoinSwitch Kuber Support on Twitter: "@Kamlesh295 Hey, Kamlesh! It is disabled as we are still working towards a suitable solution to allow crypto withdrawals while ensuring compliance with all the Indian laws and regulations. Our team is continuously working on this and you will be updated at the earliest. We request (1/2)" / Twitter

If CSK holds on to this high-handedness, I am sure this would be the downturn of this platform.

Meanwhile, the other giants have shed light on smooth transactions of the funds on their crypto exchange platform.

Harjinder Singh Kukreja 🇺🇦 on Twitter: "Is this happening with all the Indian exchanges @CoinDCX @smtgpt @WazirXIndia @NischalShetty @eth_us? What about the banks facilitating deposits on @CoinSwitchKuber? Are you guys aware of this @udaykotak @jay_kotakone @HDFC_Bank @AxisBank @YESBANK @ICICIBank? #MyCryptoMyRight" / Twitter

For your stable financial future, proper research and analysis about the crypto exchange platform are inevitable. Before stepping into the crypto investment market, ensure the evaluation of your investment for substantial profitability to bring to the table.

Go through the terms and policies of the platforms offering a crypto exchange. Always pick the one that favors your requirements and make the decision wisely.

Stay tuned with us for more updates.