India: Coindelta Exchange Shuts Down

In a message to their users Coindelta exchange has decided to shutdown it's operations. It's a rather disappointing scenario but in a cut-throat environment of operating a cryptocurrency exchange, a few would say they saw this coming given the situation in India.

You can find the whole text on their official blog here but i'll have a few key info in this post.

All the markets will be suspended at 2:00 PM on March 30, 2019. We will cancel all open orders at 2:00 PM and funds will be returned to your wallet. We will continue providing wallet services until April 29, 2019. You are requested to withdraw all your funds within 30 days. After 30 days, all withdrawals will be processed through our support page

https://support.coindelta.com/ by raising tickets or sending an email to [email protected]. There will be a fixed fee applicable on all the withdrawals. Please visit fee page to see the updated fee. We will fully cooperate until all the funds are withdrawn from the platform.

It's great that they were able to hold out for 18 months. In the past year we've seen many exchanges shut down due to many reasons. It's a bit disappointing to see good exchanges such as Coindelta terminate their services.

Poor trading volumes and low profits is probably the biggest reason for them over any regulatory hurdles but it's true that p2p exchange volumes are nowhere close to what exchanges were able to do when one could deposit/withdraw normal prior to the RBI mandate.

I say this because even to this day many users from India including Steemians here are unaware of the several p2p options available to Indian users. It's hard to build a business and scale in an environment where people don't know anything beyond suggested by mainstream media or the government.

If people were truly aware that it's fine to trade cryptocurrencies from a legal standpoint many p2p exchanges today would be thriving instead of shutting their doors. But the Indian market is nascent and requires a lot of investment in time and money to educate the users to get back to trading and possessing cryptocurrencies.

I wish the Coindelta team best of luck for their future endeavours. As a cryptocurrency user I don't think this is a good situation for Indian startups operating in this space.

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