Coindelta Cryptocurrency Exchange Shuts Down Due to Lack of Regulatory Framework in Indian
The Indian cryptocurrency exchange Coindelta is shutting down its operations on March 30. According to the platform, the decision was taken due to the lack of regulations in the Indian cryptocurrency market. The information was released by the exchange a few hours ago in a blog post.
Indian Crypto Exchange Shuts Down
It seems that the lack of a regulatory framework in India has affected several companies in the country. One of them is the cryptocurrency exchange Coindelta, that has decided to stop operating in the market.
According to the exchange, it has been very difficult for them to operate the platform for the last 6 months. Due to issues with the bank accounts that the exchange had, it became difficult for the firm to provide users with seamless deposits and withdrawals.
The Union government of India had to inform the Supreme Court regarding regulations to the crypto space. Nonetheless, the hearing was adjourned in just minutes. This has disappointed many individuals in the space, including firms such as Coindelta.
The platform informed that their operations became very expensive and difficult to be carried out in a normal way. The exchange operated with minimal trading fees allowing users to have good service.
On the matter, they commented:
“Running the exchange is very expensive in such unfavourable environment. We have been operating at a minimal trade fee, bearing all the costs ourselves ensuring that your trading experience remains unaffected in the current unregulated environment.”
The firm will be providing wallet services until April 29, 2019. Users have now time to withdraw the funds they had in the platform. They have also informed that they were looking for an improved economic environment to support innovation in the crypto space.
— Coindelta (@coindelta_) March 30, 2019
Back in September 2018, Zebpay, India’s largest cryptocurrency exchange shuts down after RBI’s Bitcoin ban. The crypto exchange was one of the largest in the country at that time. The decision to shut down its operations is related to the fact that it has been extremely difficult to operate with banks.