Indian Crypto Exchange Coinome declared that it is shutting down all of its operations as of May 15, most probably due to the regulatory difficulties. The latest decision was announced in an official tweet from the exchange on May 15. This comes just after the Indian Supreme Court decided to postpone the "Crypto Vs. RBI" case to July 2019.
Some of the Crypto Enthusiasts are disappointed by this decision of exchange. Please note that this is not the first exchange to close its operations in India.
The Cryptocurrency market doesn't seem to have a great time in India. The government has made some of the strict rules which have affected the crypto ecosystem and continue to do so in the future also. This includes that the exchanges in the country faced a lot of delay in banking services from the time the central bank, the Reserve Bank of India, implemented a ban on crypto business in 2018.
Last few weeks have seen another overhaul from community sentiment, with local media iterating that the various government divisions are planning to entirely ban crypto in all forms. This is completely opposite to other reports which states that the Indian Government wants to legalize Crypto.
Coinome, which is currently supported by the Indian online payments gateway billdesk, hasn't specified whether the firm wants to completely shut down its operations in the Indian market or it is temporary shutdown. It says in a tweet,
“All crypto markets on Coinome will be suspended, effective 2 pm on May 15th, 2019. Customers are requested to withdraw all their crypto assets from Coinome at the earliest.”
Just after the announcement, some of the local users have faced technical issues while withdrawing Bitcoin Cash (BCH) and Bitcoin SV (BSV).
On May 10, India's local news outlet Quartz mentioned about Coinome email, which the firm has sent to its customers, seemingly providing more details about the recent development:
“India is currently going through uncertainty on crypto guidelines and regulations. The government of India has not yet taken a decision on the regulatory framework for crypto exchanges or wallets. Further, the supreme court is yet to act upon the public interest litigation (PIL) on (the) regulation of crypto assets.”
Before Coinome, in September last year, Zebpay the leading crypto exchange has shut down all its operations in India. Later in March 2019, Coindelta has closed its operations in India stating that it's no longer feasible.
