The lack of regulatory clarity on cryptocurrencies and the ban on cryptocurrency transactions by India’s Reserve Bank of India led to one of the country’s most popular exchanges to shut down.
Coindelta is shutting down operations on 30 March at 2 pm IST. The exchange’s statement on Medium read,
“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.”
The Union government of India was supposed to inform the Supreme Court about regulations regarding cryptocurrencies on 29 March. However, the hearing was adjourned within minutes, owing to the government’s request. This disappointed many crypto enthusiasts in the country, including Coindelta.
“There has not been any significant progress in the Supreme Court case which makes it difficult to predict when we will see the regulation.”
The exchange elaborated on the difficulties faced due to no regulations and how expensive operations had become in “such an unfavorable environment.” The exchange was operating with minimal trading fees, bearing all costs to provide smooth services to its users. However, this wasn’t viable anymore, the exchange realised.
“We have decided to suspend the exchange services. 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.”
Coindelta will continue to provide wallet services until 29 April, 2019 and users will have time till then to withdraw all their funds with a stipulated fee on withdrawals. The exchange concluded that they looked forward to an improved economic environment in the future to support innovation.
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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.