India’s Coinome Bitcoin Exchange to Cease Services Due to Government’s Restrictive Measures
The Indian cryptocurrency exchange Coinome will be shutting its operations down as soon as on May 15. This comes after the Indian Supreme Court decided to postpone the “Crypto Vs. RBI! Case to July 2019.
There were several crypto enthusiasts disappointed by this decision. This is not the first crypto exchange in the country to shut its operations down.
Coinome Stops Operating In India
The cryptocurrency market is not having a good time in India. The government has taken several measures that have harmed the crypto ecosystem in the country and will continue to do so in the near future.
This time, Coinome, one of the most popular exchanges in the country, informed the community that they will be shutting their operations down on May 15.
On the matter, the exchange explained that they are going to suspend all crypto markets and that pending and open orders will be cancelled on May 15. Customers will also have to withdraw their assets from the platform as soon as possible.
In the past, Coindelta, another cryptocurrency exchange in the country, had to stop offering services on March 30. According to a blog post released by the company, this is due to the lack of regulations in the Indian cryptocurrency market.
In September 2018, Zebpay, India’s largest crypto platform, had to shut down after RBI’s Bitcoin ban. The Reserve Bank of India has taken several measures in order to control the cryptocurrency market and avoid companies to expand in the country. At the same time, several financial institutions decided not to offer services to individuals and crypto firms operating in the space.