The co-founder of CoinDCX, Neeraj Khandelwal, shared that the platform will soon update its terms and conditions for all users in India, ensuring they are aligned with Indian laws.
Khandelwal says in the post on X, “It’s a total disaster that Indian Crypto users must go to Dubai, Singapore or Mauritius for any legal recourse.”
This statement form Khandelwal has comes after the concern going about whether whether Indian crypto exchanges are truly “Indian,” as many have shifted their operations to crypto-friendly countries
One user raised this concern due to frustration following the WazirX hack and the ongoing issues with fund withdrawals, which have led to a loss of trust in Indian crypto exchanges.
The user targeted major exchanges saying that WazirX moved to Dubai, ZebPay and Vauld relocated abroad in 2018, and CoinSwitch Kuber as well as CoinDCX are now based in Singapore. Even Polygon moved to Dubai and Mudrex shifted to the US.
However, CoinDCX clarified that while it owns BitOasis, the UAE’s largest crypto exchange, Indian users still interact with CoinDCX’s Indian entity, not a foreign one, and they urged people not to spread unnecessary fear, uncertainty, and doubt (FUD).
He also mentioned that all CoinDCX customers will be governed by Indian laws, and legal issues will be handled within India. He added, “the platform will continue to serve global markets through its international entities.”
The CoinDCX legal team has been working on it and the update is being fast-tracked to ensure the Indian crypto community is treated fairly. The new terms should be available in the next couple of weeks.
Khandelwal also addressed the status of crypto withdrawals, stating that the team is working on it behind the scenes. While he couldn’t guarantee a specific timeline, he assured users that reopening withdrawals is a top priority for CoinDCX.
A user also criticized CoinDCX, comparing tweets from Neeraj Khandelwal to that of Nischal Shetty, claiming both are just seeking praise without real commitment. The user expressed that Indian crypto users have lost faith and will move to other platforms. In response, Khandelwal told the user to leave CoinDCX if he is unhappy, and the company would be fine with that.
CoinDCX is taking steps to align with Indian laws, addressing user concerns and fast-tracking updates to ensure fair treatment. Reopening crypto withdrawals remains a top priority.
Also Read: CoinDCX Resolves $PEIPEI Glitch Assuring Compensation to Users
