Another Crypto Exchange is about to Shut, Coinome Suspends Operations & Informs

    Coinome, the Billdesk initiative, was well received when started, and had a good time all the way until RBI’s announcement.

    Last year, when RBI barred banks from joining with Crypto businesses, every exchange since then started having troubles.

    Another Crypto Exchange is about to Shut, Coinome Suspends Operations & Informs


    Starting with Zebpay, then famous exchange had its operations completely shut in the country and moved to foreign lands. Following it, Coindelta, another top exchange declared bankruptcy in March. And there’s another exchange named Unocoin which laid off most of its employees to survive further.

    Now, it’s time for Coinome.

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

    It has informed its customers in emails by saying “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.

    Well, it’s not closing already, but having troubles that are transparent enough. These may soon lead what we’re expecting.

    What happened actually?

    The apex bank (RBI) has announced last year that banks should immediately cease connections with any crypto related businesses. This led some of the crypto institutions to have a hard time in liquidating their crypto funds. But most of them introduced P2P market system as an alternative solution that led them to survive till date.

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    After that, many enthusiasts have filed a PIL against RBI’s ban to reconsider the decision. To which, Supreme Court asked Government and its committee (headed by Subash Chandra Garg) to finalize the policies and reveal them by March 25. But it was delayed and postponed to July this year.

    These uncertainties chocked most of Crypto businesses and Coinome is one.

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