logo
Plus   Neg
Share
Email

Indian Crypto Exchange Coindelta Ends Exchange Services

coinn delta 040119 lt

Indian cryptocurrency exchange Coindelta stopped providing exchange services due to the prevailing unfavorable environment in the country for dealing in cryptocurrencies such as Bitcoin and Ethereum. Coindelta said it is economically no longer viable to continue with the exchange.

While operating the exchange for 18 months, Coindelta said it was really difficult to operate the exchange for the past six months as running the exchange is very expensive in such unregulated environment.

Coindelta suspended the exchange services in all the markets from March 30, cancelled all open orders, and returned funds to wallets. It will provide wallet services until April 29, with all funds to be withdrawn within 30 days.

Thereafter, all withdrawals will be processed through Coindelta's support page https://support.coindelta.com/ by raising tickets or sending an email to support@coindelta.com. There will be a fixed fee applicable on all the withdrawals.

The troubles for the exchange started from early July last year when the Reserve Bank of India (RBI) imposed a ban on the country's commercial banks for providing banking services to businesses and individuals dealing with cryptocurrencies such as Bitcoin.

In order to bypass the RBI ban, Coindelta even launched a peer-to-peer (P2P) exchange platform immediately after the ban came into effect like several other crypto exchanges in India.

The slow progress of the Supreme Court case related to the ban also made it difficult for Coindelta to predict when it can see the regulation in the crypto market in India. This also hastened its decision to suspend the services.

Many Indian cryptocurrency exchanges have been trying to obviate the difficulties associated with the RBI ban by either introducing a peer-to-peer facility, shifting base from India, or closing down operations.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT