More

    Coindelta Shuts Down Operations In India, As WazirX Offers Users Refunds to Their Former Users

    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:

    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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,354FansLike
    2,773FollowersFollow
    4,134FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Coinbase Custody Moves Tezos (XTZ) Staking Bakery From US to Ireland For Regulatory Reasons

    Coinbase has managed to move the Tezos Staking Bakery, the largest validator since its launch in 2019 which the exchange has been operating since...

    BitMEX’s Operator HDR Global Grants $100k Towards Bitcoin Core Development

    BitMEX’s parent company HDR Global Trading Limited has awarded $100k to the Bitcoin core developer Michael Ford. This will be the second grant towards...

    Bitcoin, Ethereum, DogeCoin, Lightning Network's Code to be Buried Under Arctic Ice

    The Bitcoin codebase snapshot will be encoded onto film and afterwards be stored for 1,000 years under ice, in Svalbard, Norway. The move is included...

    Huobi Wallet to Integrate Crypto Lender Cred Allowing Users To Earn Interest

    The crypto exchange offering wallet services Huobi has closed a partnership with the decentralized crypto lending company Cred in order to offer user's interest...

    Dharma Crypto Bank to Build a Layer-2 Scaling Solution for Digital Asset Transfers

    Dharma, a crypto entity that operates as a bank for digital currencies, recently announced its scaling solution based on the Optimistic Roll up paradigm....

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.