Coindelta shuts its doors following RBI’s check on bank accounts

Shubham Yadav, Founder at Coindelta, ruefully shared news on 30 March about the termination of exchange services related to cryptocurrencies.

Shubham expressed on this development as –

“It has been really difficult for us to operate Coindelta exchange for the last 6 months. 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. Running the exchange is very expensive in such unfavorable environment.”

Shubham touched upon the logistics of running a cryptocurrency exchange in such environments. He conveyed that it would be very expensive to operate in such unfavorable conditions. Shubham emphasized that Coindelta operated at minimal trading fees while incurring the costs themselves to ensure a seamless trading experience to the clients.

IN COUNTRIES GRAPPLING TO FOSTER CRYPTOCURRENCIES, THERE WILL BE BITING PROBLEMS FOR CRYPTO EXCHANGES.

Shubham shared details on the shutdown. All the crypto exchange services would be suspended. Along with the suspension of markets, all open orders would be canceled and funds returned to respective wallets. Wallet services would persist until the end of this month. Shubham requested the clients to withdraw all their funds within 30 days.

Shubham further sustained to inform users on the process of withdrawal. Users who miss out on the first 30 days to withdraw funds can avail a support page. They can either raise a ticket or send an email to the support team. Shubham noted that a fixed fee would be levied for all withdrawals. He stated the Coindelta would extend support to clear all withdrawals.

In January, Coindelta shared important announcement related to their peer-to-peer trading platform, Flux. Coindelta was temporarily stopping exchange services at Flux and shifting focus to its primary trading platform.

Shubham concluded by expressing that the economic situation in the future would be favorable to support creative offerings. He added that perhaps there would be an opportunity to serve the clients better. Shubham cited that Coindelta has marked a year and half of the operations. He shared that the company would remain tenacious to add value to the crypto industry. The aim persists to bring India closer to the blockchain.

In an offer that is promising for former Coindelta users, WazirX and Bitbns are providing provision to transfer funds from Coindelta wallet to the former wallets. The user can then avail a refund of 100% of the withdrawal fee.