Indian cryptocurrency exchange Coindelta has stopped trading on its P2P platform Flux. The exchange announced that they want to focus on the Coindelta platform itself which allows INR deposits and withdrawals. Coindelta also added that decision to halt its Flux platform is only temporary, and they may re-start it at a later time if they see user demand. Coindelta had launched Flux in July 2018.
Trading on Coindelta Flux stopped yesterday, January 5th, 2019 at 12 pm. All pending disputes will be resolved by January 7th, 2019 at 12 pm. Flux users can cancel all their open orders or these will be automatically cancelled by January 10th, 2019 at 12 pm. Upon cancellation of open orders, the balance will be credited to the Flux wallet.
In addition, user balances will automatically be credited to the Coindelta wallet. In case a user has an account on Flux but not on Coindelta, it is recommended that they create an account with the same email ID on Coindelta to facilitate ease of transfer of funds.
While the Coindelta exchange itself will continue to function, it is sad to see them shutting down their Flux platform after spending so much time and energy on building this P2P infrastructure. Last year, Zebpay completely shut down its exchange and migrated to Europe. The Indian government should realise that their draconian banking restriction is making life very difficult for cryptocurrency entrepreneurs in the country.