The inaction of India’s supreme court to end the prolonged banking restriction has forced another cryptocurrency exchange to shut down. The exchange has given its users 30 days to withdraw funds at increased fees, prompting several other exchanges to offer to refund these fees for customers switching to them.
Also read: Indian Supreme Court Set to Hear Crypto Case on March 29
Coindelta Shuts Down
Indian crypto exchange Coindelta announced its service termination on Saturday. The exchange wrote, “we will no longer be able to provide exchange services for cryptocurrencies,” elaborating:
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.
The central bank, the Reserve Bank of India (RBI), issued a circular in April last year banning banks from providing services to crypto businesses including…