Indian cryptocurrency exchange Coinome to shut down operations on May 15

The Indian Supreme Court adjourned the last hearing of the ‘Crypto Vs. RBI’ case, postponing it to July 2019. While many crypto-enthusiasts were left disappointed, some Indian crypto-exchanges shut shop. After Coindelta quit in the adjournment’s wake, another cryptocurrency exchange is now calling it quits.

Coinome exchange informed its community about the decision, stating that all operations will shut down on May 15. The exchange requested its customers to withdraw their funds. Coinome announced,

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

Source: Coinome

Source: Coinome

Twitter user, @TheCryptoDost, noted that the exchange had suggested the shut down of operations over a month back, with the exchange now making an official announcement. This raised concerns among other many crypto enthusiasts about other exchanges. Twitter user, @NagPnr, asked,

“Will it be similar situation with other Indian exchanges in near future?”

Another user, @coinguy21, stated that exchanges which have switched to P2P system will not shut as long as they have volume. However, the reason for customers to be perturbed were the rumors about the government of India banning cryptocurrencies on the whole, which also led many exchanges to take drastic steps in fear of being tagged “illegal”.

Prominent crypto influencers in the country have asked people to be patient until the Supreme Court hearing in July and not make rash decisions about their cryptos.

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