Indian crypto exchange "Cryptokart" shuts down operations

20 Jul, 2019
by David Borman
Exchange
Indian crypto exchange Cryptokart shuts down operations

It is being reported by Cointelegraph that cryptocurrency exchange "Cryptokart," operating out of India, has announced it is ceasing its operations. This comes on the heels of other Indian exchanges closing earlier this year, citing a hostile regulatory environment as the cause.

Founder of the exchange, Gaurang Poddar, made the announcement on his LinkedIn page. In his statement, he said the following:

"We've decided to shutdown Cryptokart. While its difficult, given the hard work we've put in, its been a great experience and I'm glad to have gotten to work with such a talented and passionate team, and proud of the platform we've built."

He added that he is looking for anyone else interested in opening their own exchange, so clearly he intends to stay in the business.

In just the last couple of months two other Indian exchanges have also shut their doors. Koinex in June and Coinome in May, both saying that a "hostile regulatory environment" was the main reason for their closing.

It is unclear if this is also why Cryptokart had to shut down, but it is a real possibility.

Will India ease up regulations and allow more exchanges to prosper? Stick with Chepicap for all updates!

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Read more about: India Bitcoin (BTC)

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