In line with a recent ‘announcement‘ published, India’s renowned cryptocurrency exchange namely ‘Coindelta’ is shutting down its services within the adverse operational climate for crypto ecosystem within the country.
Around 18 months since after its initial launch, Coindelta has told users that the severe restrictions on banking services for cryptocurrencies related companies in India has caused its operational prices to increase, and thereby it’s not economical viable to continue its operations.
Explaining further, the official ‘web-blog‘ added:
“It has been really tough for us to manage Coindelta exchange for the last few months. The curb on the bank accounts by the Reserve Bank of India has left us with no further choices so as to now offer seamless deposit & withdrawal services. There has not been any vital progress within the Supreme Court case that in-turn makes it tough to predict when we can see the regulation.”
Earlier in April last year, India’s RBI [Reserve Bank of India], had ‘prohibited‘ all native banks from offering services to cryptocurrency related businesses. Protracted regulative uncertainty has meant that even people have ‘reportedly‘ faced bank account closures, as some institutions have apparently widely concluded the crypto banking ban to single traders.
In its announcement, Coindelta expressed that all cryptocurrency related trading markets on its platforms were suspended at 2:00 pm [time zone unknown] on 30th March.
Any outstanding orders at that point of time were reportedly cancelled, with user funds transferred back to their wallets. The exchange has added that it’ll continue to offer its wallet services till 29th April 2019, after that it asks users to request withdrawals via its support page or mail.
Coindelta is notably charging a ‘fixed fee‘ for all withdrawals, as outlined within the statement. Several users have ‘responded‘ to Coindelta on Twitter, stating that the ‘fee‘ is too high and makes the withdrawal of very small amounts of cryptocurrency deposits ‘unreasonable‘.
In a bid to quell community anger and draw business from former clients of its now-shuttered counterpart, rival Indian crypto exchange named ‘WazirX’ notified users on 30th March that it’ll refund their Coindelta withdrawal fees if they choose to transfer their deposits to its platform.
As reported earlier, the status and the upcoming future of cryptocurrencies within India remains extremely ‘contentious‘. After the RBI’s controverisal prohibition came into effect from last July, both ‘public‘ and industry-led petitions have appealed to the courts on the grounds that the ‘choice‘ is unconstitutional.
Earlier on 30th March, the fourth of a series of blockchain supporter rallies was organized within the city of Bangalore in protest of the continued uncertainty as the Supreme Court mulls an expected final judgement on the RBI’s imposed ban.