CoinDCX Delists Major Pairs, Indian Crypto Community Erupts

CoinDCX, a leading cryptocurrency exchange in India, has delisted over 50 margin trading pairs without giving its users prior notice.

The sudden move sparked immediate outrage across the Indian crypto community, with traders taking to social media to report that the action triggered forced liquidations, financial losses, and unexpected tax consequences.

Major Trading Pairs Included in Sudden Delisting

The crypto exchange announced its latest decision shortly after implementation, plunging many users into distress. CoinDCX did not exempt top crypto trading pairs from the exercise, as there is no more liquidity for BTC/USD, ETH/USD, XRP/USD, and SOL/USD, according to reports. These pairs comprise the most liquid cryptocurrency pairs in the world.

Notably, the effect of CoinDCX’s latest action has gone beyond triggering a wave of liquidations to causing auto-booked profits and unexpected Tax Deducted at Source (TDS) charges. Many traders in India are expressing their disappointment with CoinDCX, pointing fingers at regulators and the broader crypto community.

One such trader took to the X social media platform to register his disappointment with the CoinDCX crypto exchange. The trader accused the exchange of irresponsibility and engaging in acts that are detrimental to investors. According to the user, the crypto exchange has forced traders to sell cryptocurrencies at a loss, causing financial harm to its customers and exposing them to unjust taxation on forced exits.

Related: CoinDCX Founder Welcomes India’s Crypto Consultation, Urges Industry Collaboration

The latest development involving CoinDCX has added to the growing frustration among Indian cryptocurrency users, most of whom faced difficulties following the WazirX hack several months ago. Recently, frustrated victims affected by the exploit demanded action from Indian authorities, calling for the arrest of the crypto exchange’s CEO, Nischal Shetty.

Related: CoinDCX CEO Cheers as India’s Ruling Party Talks Bitcoin

The shocking move by CoinDCX has compounded the frustration of Indian crypto traders, plunging the ecosystem into chaos. However, it has had no negative impact on the broader crypto market at the time of writing. TradingView’s data reveals that Bitcoin maintained its upward trajectory with a sustained bullish momentum. The cryptocurrency traded for $109,450 at the time of writing.