Indian Crypto Exchange Cryptokart Closes Doors On Its Operations Amid Country’s Legal Stance
- Cryptocurrency exchange Cryptokart shuts its operations down after government pressure
- Crypto exchanges in the country are experiencing difficult times
The Indian cryptocurrency exchange Cryptokart has decided to shut its operations down. This is according to a recent LinkedIn post written by the founder of the platform Gaurang Poddar a few weeks ago.
Crypto Exchange Shuts Down in India
On LinkedIn, the owner of the exchange explained that the decision to stop operating int he market was something difficult to decide. However, he remained happy about the positive experience that they lived with the exchange and what they were able to do with the platform.
Despite leaving the market, Poddar said that he is interested in remaining in the field. He wrote that he would like to help those interested in launching an exchange.
Furthermore, he announced that he was interested in working as a product manager in the cryptocurrency market and asked users that had work opportunities to contact him. The exchange was launched in 2017 and it operated in a difficult period for India and the crypto market in the country.
This is not the first time that a virtual currency exchange in the country has to shut its operations down. Indeed, the crypto platform Koinex stopped operating in June this year due to regulations in the cryptocurrency market. At the same time, Coinome, another popular exchange in the country announced that it had to stop offering services to users. The decision has also been taken after increased control by regulatory authorities.
There are many other exchanges in the country that have stopped operating. The country has been very hostile to this kind of companies and the crypto market as a whole. Because of this reason, Indian users do not have as many possibilities to trade virtual currencies as users in other countries.
India has also been trying to impose strict controls on the market and the whole space by not allowing exchanges to expand. They have also decided to shut down the only Bitcoin (BTC) ATM installed in the country just a few days after opening.
Although there is no cryptocurrency ban in India, the government is doing everything as possible to avoid users to deal with these digital assets without banning them directly.