Indian-based cryptocurrency exchange closing down due to tight country rules
- Coindelta are no longer operating, given the stringent rules and regulations laid out by the RBI.
- The India-based exchange has only been in operation for around 18 months, before closing shop.
India-based crypto exchange, Coindelta has packed up its entire services. They have suspended all trades and cancelled all open orders.
Coindelta detailed the issues financially, in addition to the Reserve Bank of India’s (RBI) stern cryptocurrency regulations as one of the main reasons forcing the exchange close shop.
The RBI is now heavily clamping down on crypto exchanges from operating, with their new stringent framework and regulation set up. It has only been around 18 months after launching, Coindelta told its customers that strict restrictions on banking services for cryptocurrency-related companies in India have led its operating costs sky rocketing.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
