Coindelta, The Indian Cryptocurrency Exchange has announced to shutdown via medium post. The exchange claimed that the end was due to lack of regulation for cryptocurrency in India and the RBI policy which made banks to withdraw its services to companies or individual dealing in cryptocurrency.
The company stated that :
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.
The government of India was asked to submit a cryptocurrency regulation policy to the Supreme Court of India in a hearing on 29th March, but the case was adjourned after a request from the counsel. The next hearing will be held on 2nd week of July.
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
However, Coindelta will continue providing wallet services till 29 April, 2019 and users will have time to withdraw their funds with a stipulated fee. Further, the exchange concluded that they looked forward to an improved economic environment in the future to support innovation.
Previously, back in the year 2018, Zebpay, cryptocurrency exchange closed its operation in India and moved to Maltav for same reason. Anyways, the exchange now operates only for Europe Fiat currency.
Bitbns, another famous exchange has announced that it will refund the transaction fee taken from Coindelta to transfer. Moreover, the refund will be processed with several terms and conditions. Basically, the user need to deposit minimum 25K worth, and it will be refunded on first deposit only. Coindelta, increased its withdrawal fee up to 5 to 10 times.
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