Indian crypto exchange Coindelta shuts down!
Uncertainty over India’s cryptocurrency regulations in India prompted Coindelta, one of the country’s largest digital asset companies, to shut down.
This happened in spite of a Supreme Court decision to settle at the end of last month.
In this sense, the official announcement says:
“Much to our regret, we will not be able to continue to offer cryptocurrency exchange services.
It has been very difficult to use Coindelta in the last 6 months.
The ban on banks by the RBI (Reserve Bank of India) prevented us from providing withdrawals and deposits.
The Supreme Court case has not progressed significantly, making it difficult to predict when the regulations will come.”
In another excerpt from this announcement, the company added:
“Exploiting this crypto exchange is very expensive in such an unfavorable environment.
We work with minimal trading commissions, ourselves who manage all the costs, so that the trading experience is not affected by this environment.
Economically, it is no longer viable to continue this crypto exchange.
We are not happy at all to stop our operations.
It’s heartbreaking, but it’s necessary given the limited resources we have.”
In addition, the platform suspended all cryptocurrency markets from its platform at 14:00 on March 30, 2019, canceling all pending orders and returning all funds to its users’ wallets.
In addition, they will continue to offer a wallet service until April 29, 2019.
The status and future of cryptocurrencies in India continue to be a huge unknown.
After the RBI’s ban, public and private petitions were filed to appeal to the court, declaring the decision unconstitutional.
However, despite the decisions of the Supreme Court, there is still no sign of regulation or change of position on the part of the bank.
