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Citing regulatory uncertainty in the industry, Unocoin said it had made the decision prior to a Supreme Court hearing on cryptocurrency’s legal status in India, set for July.
As Cointelegraph reported, exchanges in the country have faced a moratorium on banking services since the central bank, the Reserve Bank of India (RBI), implemented a ban on dealings with crypto businesses last year.
The industry is in the process of fighting RBI’s decision, which has taken the form of a lengthy Supreme Court process.
Since its peak, Unocoin has fired over 80% of its staff,
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