Coindelta joins the list of crypto exchanges shutting down in India, owing to the lack of regulations and the ongoing Reserve Bank of India [RBI] ban on crypto transactions. Coindelta ceased operations on 30 March at 2 pm IST, announcing the same via a blog,
“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.”
However, the shutdown comes with users having to pay hiked withdrawal fees to withdraw their crypto from Coindelta. This issue of exchanges hiking their withdrawal fees was highlighted previously when Zebpay ceased operations in India and increased withdrawal fees for users. At the time, Bitbns, another prominent exchange, took advantage of the situation and asked Zebpay users to transfer their funds to Bitbns. They were then refunded the withdrawal fees paid to Zebpay.
WazirX, a cryptocurrency exchange in India, followed the footsteps of Bitbns and offered Coindelta users to move to WazirX and get a full refund of their withdrawal fees to Coindelta. Nischal Shetty, the founder and CEO of WazirX, announced this through a video and a tweet,
“We heard you. Got many messages that withdrawal fees from Coindelta has been increased. Don’t worry, move all your funds to WazirX and get 100% of the withdrawal fees refunded #IndiaWantsCrypto
Let’s keep the crypto fire burning in India 🚀”
This news follows the adjournment of the Crypto vs. RBI case in the Supreme Court of India which had allocated four week’s time to the Government of India to take a decision on the regulation of cryptocurrency. The matter was to be heard on March 29, but was adjourned owing to the government’s request. The new date has not been provided by the court, but the hearing is supposed to take place in the second week of July.
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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.