The Indian cryptocurrency market is now again watching another cryptocurrency exchange Coinome’ to shutdowns its shop in Indian. It is very difficult for the cryptocurrency exchanges to keep their business running in the Indian markets with a restriction on bank support. The crypto exchange will stop functioning from May 15.
In a tweet by the cryptocurrency exchange “Coinome” explaining that it was hard to run the operations through all the restrictions and tough rules and regulations imposed by the Indian Law enforcement. Following the last year’s ban on banks to aid any crypto relations firms, it’s been tough to keep their business alive by the exchanges.
The Reserve Bank of India is unshakeable on its decision to not to remove the ban, which is giving a tough time to the exchanges and makes even harder to run their businesses. There are also some rumors that the government is trying to make policies that include that they are planning to totally ban the cryptocurrencies in India.
The tweet by crypto exchange “Coinome” didn’t mention that this shut down will stop all the services. The consumers have to wait for further instruction regarding the closing of the exchange.
The tweet stated, “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.”
On the other hand, the crypto exchange has sent email to its customers stating the shut down is because of the restricted regulation. The email states, “India is currently on crypto guidelines and regulations. The government of India has not yet taken any 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.”