Crypto Exchange Coinome Stops All Operations Due To Regulatory Issues

Crypto exchange Coinome based in India, announced to be halting all operations starting May 15 due to regulatory issues. The latest cryptocurrency news will provide you with some more information on the developments so let’s find out.

The announcement was released in an official Tweet from the Indian exchange itself yesterday (May 9). As it was reported, the Coinome faced a lot of difficulties in the country and even faced a moratorium on banking services after the Reserve Bank of India (RBI) put up a ban on dealings with any kind of crypto business in 2018.

Over the past week, the community rumored that the current climate for crypto businesses could lead to more companies getting shut down. There is also another rumor that says different government divisions are considering a total ban on cryptocurrencies. Crypto exchange Coinome which is an exchange backed by the Indian online payments company Billdesk did not explain further whether the decision to halt operations will shut down all serves by tweeting:

“All crypto markets on Coinome will be suspended, effective 2pm on May 15th, 2019. Customers are requested to withdraw all their crypto assets from Coinome at the earliest.”

The Indian crypto exchange faced difficulties during its association with Billdesk which is supervised by India’s central bank and is a participant in the Payments and Settlements Systems Act 2007. The exchange’s partner had investments from two of the largest banks in India including the State Bank of India and Bank of Baroda as the coming altcoin news report. Since the announcement, users reported technical difficulties with the withdrawal of Bitcoin SV and Bitcoin cash.

A report from the local news outlet Quartz regarding the Indian crypto exchange outlines:

 “India is currently going through uncertainty on crypto guidelines and regulations. The government of India has not yet taken a 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.”

The future of crypto in the country is still unknown and very complex. Since the central bank of India decision came into effect last July, both of the industry-led and public petitions appealed to the courts that the decision is unconstitutional.