Another Indian crypto exchange shuts down: Coinome cites regulation hindrance

The Indian cryptocurrency market is dealing with another exiting exchange which is going to be stopping operations as from May 15. According to a tweet sent by the exchange, Coinome, tough regulations have made operations an uphill task.

Since the ban on banking services to crypto related business was effected last year, exchange companies have been finding it hard to run their businesses. The central of India, the Reserve Bank of India is adamant on lifting the ban which continues to paralyze exchange business in the region.

In fact, in the last two months, rumors and reports from the government have suggested that several departments are currently championing for the complete ban on cryptocurrencies. However, the rumors have been heavily fought. It is clear India’s crypto industry is treading on a volatile ground and could be a waiting time bomb.

The tweet by Coinome did not specify if the closure will affect all services. Users will have to wait for further update from the company.

“All crypto markets on Coinome will be suspended, effective 2pm on May 15th, 2019. Customers are requested to withdraw all their crypto assets from Coinome at the earliest.”

However, an email said to have been sent to the customers of the exchange suggests that Coinome is closing its due to regulation difficulty.

“India is currently going through uncertainty on crypto guidelines and regulations. The government of India has not yet taken a decision on the regulatory framework for crypto exchanges or wallets. Further, the supreme court is yet to act upon the public interest litigation (PIL) on (the) regulation of crypto assets.”