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The Indian Pune-based crypto exchange Coindelta suspends all its services due to the current unfavorable crypto business environment and regulatory issues, the founder of Coindelta Shubham Yadav announced in an official blog post on March 30. He further informed:
‘All the markets will be suspended at 2:00 PM on March 30, 2019. We will cancel all open orders at 2:00 PM and funds will be returned to your wallet.’
The Indian crypto exchange and digital wallet service provider Coindelta has recently announced they are shutting their crypto exchange down after eighteen months since its launch. Regulatory issues, severe restrictions imposed by the central bank of India (RBI), excessive operating costs and unenthusiastic crypto business climate are considered to be the main reasons that forced the crypto exchange to cease its operations and services.
In his official blog post, Shubham Yadav said that operating a crypto exchange in India is like burning a hole in your pocket. In order to let the users have seamless crypto trading and exchange experience in unfavorable and unregulated crypto trading infrastructure, the exchange has been operating at minimal trading fees while paying all the expenses from their own pockets.
Economically, it has become unbearable for the exchange to keep providing the same services at minimal fees. In addition to that, the Reserve Bank of India in April 2018 has strictly warned domestic banks not to be involved or provide services to crypto businesses, even though later on it has clarified that crypto doesn’t pose risks to global financial stability. Even individual crypto traders have faced the inconvenience of not being able to have bank accounts because RBI has prohibited all domestic banks from providing banking services.
Coindelta’s official Medium post reads:
“It has been really difficult for us to operate Coindelta exchange for the last 6 months. The curb on the bank accounts by RBI has made us handicapped in order to provide seamless deposit and withdrawal services. There has not been any significant progress in the Supreme Court case which makes it difficult to predict when we will see the regulation.”
As mentioned before, all crypto trading markets on its platforms were suspended at 2:00 pm and all outstanding transactions have been canceled. However, the exchange will continue offering its wallet services until April 29, 2019, and all users were requested to withdraw their funds within 30 days. If users won’t be able to withdraw their funds in these given 30 days, the only way they can get their funds back is by contacting customer support or by emailing them.