For several months now industry players together with the crypto enthusiast in Indian have been keenly following up on the Supreme Court proceedings concerning the ruling for the crypto sector. However, on the 29th of March, the Union government of India was scheduled to furnish the Supreme Court with information concerning regulations, but the proceedings were stopped after a few minutes per the government request. The adjournment of the proceeding was a disappointment to all stakeholders. However, for Coindelta it was a high time they pull out from the India market.
Though they have been operational for only 18months, for the last six months the Indian Reserve Bank decision to clamp down on crypto transactions coupled with lack of clarity on regulations made Coindelta operations too expensive. Coindelta was operating at minimal trading fees for the last six months to give its customers better services. However, with the situation deteriorating, the exchange operations became too expensive. By 30th March 2019 from 2 PM, all trading services were suspended, open orders cancelled and funds reverted to the customer’s wallet.
Traders Have 30 Days to Transfer Funds
With the trading operations stopped, traders have until the 29th of April to withdraw or transfer their funds to other exchanges. To ensure smooth withdraw and transfer operations, Coindelta will handle all the technical aspects of the process. However, if the 30-day limit lapses without a customer having withdrawn their funds, they can send an email to firstname.lastname@example.org or raise a ticket. Through any of the latter, your withdrawals will be processed by Coindelta team without a fuss. The above services will be available until all funds on Coindelta hands are withdrawn. All withdrawals will attract a fee.
While crypto exchanges in India have been weathering through the storm of unclear regulations and the ban, at the end the India government wins and the exchanges have to pull out. Although Coindelta is pulling out now, Zebpay pulled out in September 2018 while citing difficulty in making transactions with local financial institutions coupled with the RBI ban. At that time, Zebpay was the largest crypto exchange in operation in India. Although the above exchange pulled out, this unfortunate event is creating an opportunity for other crypto exchanges to loop in these customers from closed crypto exchanges. While the Indian government decision is pulling down the crypto sector, it’s promoting the industry in other regions.