India-based Crypto Exchange Coindelta Shuts Down Citing Inimical Regulatory Conditions

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India’s central bank, the Reserve Bank of India (RBI) exercised a ban on Indian banks in April 2018, under which all domestic banks are prohibited from providing services to crypto-related businesses. The legal scenario has pushed the banks to even target individuals for bank account closures, as some institutions have apparently widely extrapolated the crypto banking ban to single traders.

Coindelta added in its announcement that all crypto trading markets on its platforms were suspended at 2:00 pm (time zone unknown) on March 30. Any outstanding orders at that time were reportedly canceled and user funds returned to their wallets. The exchange states that it will continue its wallet services until April 29, 2019, after users are requested to make withdrawals via its support page or email.

The  statement outlines that Coindelta is charging a fixed fee for all withdrawals, to which multiple users have argued on Twitter alleging that the fee is excessively high, making the withdrawal of small amounts of crypto deposits untenable.

@coindelta_ plz waive off the withdrawal fees for soe cryptos. its too much high.

— Utpal Kant Singh (@Bindass_Utpal) March 30, 2019

Another Indian cryptocurrency exchange, WazirX has stepped in taking advantage of the situation and offered users a refund over their Coindelta withdrawal fees if they choose to transfer their deposits to its platform.

If your funds are stuck on Coindelta, don’t panic! We’ve got you covered.

Move your #crypto to WazirX, and we’ll refund you the withdrawal fee you’ll have to pay on Coindelta! #IndiaWantsCrypto#Spreadtheword among your friends & followers.

More info ?https://t.co/M6HWYkTevE

— WazirX (@WazirXIndia) March 30, 2019