India-based Coindelta exchange shuts down citing hostile working environment

A cryptocurrency exchanged in India referred to as Coindelta has closed its doors citing adverse working environment. The notice of closure was published on the company’s official blog on March 30.

Coindelta shuts down only eighteen months since its launch. The blog post details that restriction imposed on accessing banking services for crypto-related entities in the nation has resulted in the rise of its operating cost. As a result, operation costs have gone up and the business has been economically unviable warranting the closure.

“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.”

The Reserve Bank of India, the central bank in the country issued a directive that barred banks from offering services to crypto-relate businesses in April 2018. Reports indicate that even individual accounts have been closed as banks extrapolate the ban to single traders.

Trading activities on the exchange were terminated at 2:00 pm (unknown time zone) on March 30. Ongoing orders were canceled with funds sent back to the respective wallets. Wallet services will stay in operation until April 29, 2019, and has asked users to request for withdrawals through the support page or via email.