The world’s largest and most prominent trading group has announced that it will shut down its operations after trading in the space in the country was disrupted for a month by a massive ransomware attack.
According to a report by CNBC, India’s trading company ANZ (NYSE:ANZ) has informed the company’s management that it has stopped trading in digital assets in the Indian market after the outbreak of the ransomware infection.
ANZ has said that it had shut down the trading in financial instruments, currencies and commodities.
The company said that in the period from July 19 to July 21, it had sold off more than 15 million shares in trading.
The market has seen an unprecedented surge in volume due to the ransomware crisis.
It said that its trading volumes fell by more than half and that trading volume in the currency sector has dropped by nearly 70 percent.
The group said that as a result, the company had to reduce the volume of its products in India to the extent of $300 million, a figure it said was not realistic.
The firm said that the loss of trade in the sector will be mitigated by the acquisition of new products in the future.
The announcement was made by the group’s chairman and managing director, Prashant Gupta, who told CNBC that the trading group had made “the right decision” in closing down the company.