Another one bites the dust: India's Coindelta announces shut down today

30 Mar, 2019
Another one bites the dust: India's Coindelta announces shut down today

It appears to be coming a common practice for cryptocurrency companies to shut down recently. India's Coindelta today announced it would be shutting down citing the bear market and issues with the local banks. 

In a Medium post, Coindelta admitted it would no longer be able to provide its service to clients any longer, saying " 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. There has not been any significant progress in the Supreme Court case which makes it difficult to predict when we will see the regulation."

Coindelta also stated that running of operations was an expensive practice, and while operating at minimal trade fee and bearing all the costs, the exchange admits that "it's no longer viable to continue with the exchange".

Read more: Nanex Exchange announces it will be shutting down April 30th

The exchange has wasted no time following today's announcement, by announcing it will be suspending trading today at 14:00 local time. The exchange will cancel all orders and funds will be returned to clients wallets. Users can withdraw funds until April 29.

The exchange shuts down after 18 months of operation, and hopes it be back one day in the future when the environment "will be conducive enough to support innovation and we will have the opportunity to serve you better."

The announcement comes the same day as Nanex Exchange announced it too would be shutting down following a lack of trading volume on the platform.

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