The regulatory landscape in India has been uncertain lately. Despite scheduling a hearing on the regulations that will impact the still-nascent crypto industry, the meeting was instantly postponed, leaving many exchanges in the dark. With the ban against crypto and bank relations still in effect, many platforms are being forced out as a result of the lack of regulations, with Coindelta being one of the many to recently be added to that list.
Coindelta announced the end of their operations on March 30th in a blog. They explained that the last six months have only brought difficulties in maintaining the exchange. With the actions of the Reserve Bank of India (RBI), it has been hard to offer the “seamless deposit and withdrawal services” that they want to provide to customers. As if to add even more damage, the users that withdraw their cryptocurrency will be subjected to substantial fees.
The same circumstances led to the demise of Zebpay as well, who charged huge fees for the withdrawals of funds from their exchange as well. Another exchange in the area, Bitbns, had decided to offer the users of Zebpay the opportunity the chance to send the funds to their own exchange, under the agreement that Bitbns would refund the withdrawal fees that users had to pay Zebpay.
WazirX, a crypto exchange within India, is trying to offer the same support to Coindelta users now. Any users that migrate from Coindelta to WazirX will receive a full refund of the charges imposed on them for withdrawing their own tokens. Founder and CEO of WazirX, Nischal Shetty, announced the offer through both a tweet and a video.
In the tweet, Shetty explained that he’d heard about the increase of fees, promptly promising:
We heard you. Got many messages that withdrawal fees from Coindelta has been increased. Don't worry, move all your funds to WazirX and get 100% of the withdrawal fees refunded #IndiaWantsCrypto
Let's keep the crypto fire burning in India 🚀 https://t.co/UWJVmuHACT
— Nischal (WazirX) ⚡️ (@NischalShetty) March 30, 2019
The news of WazirX’s work to help these users comes at the same time of the delay of RBI’s regulatory decisions. At this point, the new hearing is tentatively planned for July, but a specific date has not been decided.