Crypto Exchange Halts Services due to Indian Regulations

[Goodcat49]

Over the weekend, an India-based crypto exchange shut down its services, suspended trades and cancelled all open orders on March 30. Coindelta alludes to its financial issues and the Reserve Bank of India’s (RBI) stringent cryptocurrency regulations as one of the main reasons forcing the exchange to lay down tools.

The claim booms that of Zebpay, an Indian leading cryptoasset exchange which ceased operations in September last year because the RBI's ban had lessened the exchange's potential to carry out business in any significant way.

RBI Prevents Crypto Exchanges from Operating

One and a half years after its first rollout, Coindelta told its customers that strict restrictions on banking services for cryptocurrency-related companies in India have led its operating costs to rocket, making it economically inviable to go ahead with its daily operations. The post reveals:

“It has been really hard for us to run Coindelta exchange for the last 6 months. The curb on the bank accounts by Reserve Bank of India has made us handicapped in order to offer seamless deposit and withdrawal services. There has not been any positive progress in the Supreme Court case which makes it hard to anticipate when we will see the regulation.”

After its establishment in September 2017, the crypto exchange announced 30-days later that the platform would enable customers to purchase and sell digital currencies with zero fees, with maker fees set at 0% and taker fees put at 0.3%.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/crypto-exchange-halts