Coindelta ends business due to lack of regulation of cryptocurrency in India

Lack of clarity in the cryptocurrency regulations and the banning of cryptocurrency transactions by the Indian Reserve of India resulted in the closure of one of the country's most popular exchanges.

Coindelta closes its business on March 30 at 2 pm Eastern Time. The exchange statement on Medium read,

"It has been very difficult for us to trade Coindelta in the last six months. The limitation of bank accounts by RBI has made us disabled in order to provide continuous deposit and withdrawal services. "

The Indian government of the Union was supposed to inform the Supreme Court of the regulation on cryptocurrencies on March 29th. However, the hearing was adjourned a few minutes later, at the request of the government. This has disappointed many crypto enthusiasts in the country, including Coindelta.

"There has been no significant progress in the Supreme Court case, which makes it difficult to predict when we will see the regulations."

The stock exchange explained the difficulties encountered due to the lack of regulation and the complexity of operations in "such an unfavorable environment". The stock market operated with minimal trading costs, bearing all costs to provide smooth services to its users. However, this exchange was no longer viable.

"We decided to suspend the exchange services. All markets will be suspended at 2:00 pm on March 30, 2019. We will cancel all outstanding orders at 2:00 pm and the funds will be returned to your wallet. "

Coindelta will continue to provide wallet services until April 29, 2019 and users will have time by then to withdraw all their funds for a stipulated fee. The exchange concluded that they hoped for a better economic environment to support innovation.