Coindelta Shuts Services, Blames Adverse Indian Regulations

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Indian crypto exchange Coindelta has abruptly announced the termination of its trading services on March 30.

In an official post, Shubham Yadav, founder of Coindelta, cited the strict regulations imposed on the crypto industry by the country’s central bank has forced the exchange to shut its services.

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“It has been really difficult for us to operate Coindelta exchange for the last 6 months,” Yadav noted on a Medium post. “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.”

However, to take advantage of the situation, another local digital asset exchange WazirX jumped into the picture and is offering withdrawal fee refunds to all Coindelta users moving their entire funds to the exchange.

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