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Indian Coindelta Exchange Closes for Lack of Fiat Service

Published 04/02/2019, 08:38 AM
Updated 04/02/2019, 09:41 AM
Indian Coindelta Exchange Closes for Lack of Fiat Service

The India-based market operator Coindelta closed over the weekend, entering a 30-day withdrawal period for any assets left on the exchange wallets. The market company cited problems with finding a banking provider after Indian regulators started to curb local exchanges from handling cash.

India is one of the hotspots for cryptocurrency activity, although the local regulators are attempting to curb crypto-to-fiat conversion in a bid to turn locals to using banks. India also goes through a cash demonetization process, to discourage the creation of a grey economy.

The exchange explained the situation through its blog:

“It has been really difficult for us to operate Coindelta exchang...

This article appeared first on Cryptovest

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