Indian Exchanges Struggle with Supreme Court Order, Swiss Stock Exchange Launching New Crypto Exchange, Bittrex Moves into Europe
Indian Supreme Court Upholds Reserve Bank’s Ban on Crypto, but Exchanges Fight to Adapt
India’s highest court issued a decision against cryptocurrency earlier this month, supporting the Reserve Bank’s direction to all financial institutions in the country to stop offering the crypto space financial services. Crypto enthusiasts, with crypto exchanges at the head, had quickly challenged the decision in court.
But the Reserve Bank’s policy was upheld by the Supreme Court, and so rupee-to-crypto channels in India are closed for the foreseeable future.
Exchanges are moving to adapt, according to an article in Coindesk. Some are closing down rupee-to-crypto, but others are trying out ways around the restrictions. Another court date is upcoming later this July.
Swiss Stock Exchange Moves to Launch Cryptocurrency Exchange
According to an article in Business Insider, SIX, operator of the Swiss stock exchange, has announced that it is launching a crypto exchange that will be fully regulated.
SIX CEO Jos Dijsselhof remarked,
“This is the beginning of a new era for capital markets infrastructures. For us, it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry.”
The service will provide end-to-end trading, settlement, and custody for bitcoin and an assortment of tokens.
Bittrex Teams Up with Invest.com to Launch New Digital Trading Platform, Starting in European Union
“Our goal is to become the most reputable platform in the EU and later in numerous countries across the globe,” said Itai Avneri — spokesman for Invest.com and co-founder of the new partnership — in a joint press release. Bittrex CEO Bill Shahara said the move is part of the company’s plan to “continue expanding our global footprint through new services and strategic partnerships.”
Bittrex will be taking care of the actual trade execution, and Invest.com will take care of marketing, sales, and compliance. Pre-registration for the new service is open.