Paytm suspends cryptocurrency transactions starting today after banks cut off exchanges like WazirX

Paytm suspends cryptocurrency transactions starting today after banks cut off exchanges like WazirX

The Paytm Funds Financial institution will disallow cryptocurrency transactions on its platform from Could 21 night because it “will cease coping with cryptocurrency exchanges”, sources informed The Financial Instances.

This comes after banks on Could 20 stated that they’d not cope with crypto exchanges resembling WazirX, BuyUCoin and Zebpay following an “casual” Reserve Financial institution of India (RBI) order to that impact.

One cryptocurrency executive told the paper that Paytm Payment Bank’s support will conclude by “end-of-day” on May 21, but the company “has neither given them an official reason, nor told them whether this was due to regulatory issues”.

RBI insiders told the paper it was the central bank that “directed” payment companies to cut ties with these exchanges. They added that this is an “informal” directive and not a written one – similar to the orders sent to banks.

Paytm, PayPal and the RBI did not respond to queries, the report said. The decision comes amid cryptocurrency prices tanking hard worldwide, with Bitcoin on a spiral and smaller players such as Ethereum also feeling the heat. The hard and fast fluctuations came on speculation that Elon Musk’s Tesla may sell off all Bitcoin assets and after China completely banned crypto trading in the country.

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