Indian Crypto Exchange Coinome Halts Services Citing Regulatory Pressure

Indian cryptocurrency exchange Coinome has announced it will be halting operations as of May 15, ostensibly due to regulatory difficulties.

As Cointelegraph has reported, exchanges in the country have faced a moratorium on banking services since the central bank, the Reserve Bank of India, implemented a ban on dealings with crypto businesses last year.

Recent weeks have seen a further shake-up of community sentiment, with local media alleging in late April that various government divisions are considering tabling an absolute ban on crypto in all its forms - although the veracity of the rumors remain contested given other prior reports.

"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."

"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 on regulation of crypto assets."

The status and future of crypto in India remains highly complex.

In October 2018, major exchange Zebpay was forced to its doors to its Indian customers due to RBI's policy.

As the lengthy legal battle continues, this February, the Supreme Court granted four weeks to authorities to come up with crypto regulation policies before the Court would cease hearing crypto-related cases - including parties who demand to reverse the RBI's crypto circular.

This spring, RBI excluded crypto assets from its regulatory sandbox.

In early April, fellow Indian exchange Coindelta announced it was ceasing operations for good, likewise citing the extremely taxing regulatory landscape platforms currently face in the country.