Coindelta Exchange Shuts Down, WazirX and Bitbns Offer Withdrawal Fee Refund

Another cryptocurrency exchange has fallen prey to RBI’s banking ban! After Zebpay’s shocking exit, Coindelta has become the latest cryptocurrency exchange to shut down operations. The exchange announced the closure of its exchange services citing the unfavourable environment created due to RBI’s banking squeeze and the lack of progress on the cryptocurrency case in the Supreme Court.

In its official announcement, the exchange said:

We have been operating at a minimal trade fee, bearing all the costs ourselves ensuring that your trading experience remains unaffected in the current unregulated environment. Economically, it’s no longer viable to continue with the exchange. It brings us no joy in ceasing operations. It broke our hearts to do that but it is the need of the hour considering limited resources at your disposal.

Shubham Yadav, Founder of Coindelta

Coindelta has already suspended the markets. Users have a one-month window to transfer their crypto holdings from Coindelta to other exchanges or their own wallets. Users can withdraw funds until April 29, 2019.

Coindelta Users Angry after Increased Withdrawal Fees

Many Coindelta users reported that the exchange has increased the withdrawal fees after the announcement. According to reports, the withdrawal fees were 3-5 times the standard withdrawal rates.

WazirX and Bitbns Offer Withdrawl Fee Refund

Following the Coindelta announcement, WazirX and Bitbns have stepped up to attract Coindelta users to their platform. Both have announced limited period offers of 100% withdrawal fee refund. While WazirX has set a minimum of ₹25,000 worth of crypto deposits to be eligible for the offer, Bitbns is offering withdrawal refund for any amount transferred today. After today, Bitbns has also set the minimum amount of crypto deposits at ₹25,000 for withdrawal fee refund. You can check the official announcements at WazirX and Bitbns for more details.

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