Coinome to Shut Crypto Trading Services in India

India-based digital asset exchange Coinome has announced the shut down of all trading activities on its platform from May 15.

The exchange publically announced the move with a tweet on May 9 and urged its customers to withdraw all funds stored on the Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term.

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.

— Coinome (@CoinomeOfficial) May 9, 2019

Coinome is backed by Billdesk, one of the largest payment processors in the subcontinent. The company is supervised by the country’s central bank and is registered under the country’s Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and Settlements Systems Act 2007.

Though the digital asset exchange did not detail the reason behind the tough move, it can be suspected that the tough stance of the Reserve Bank of India (RBI) towards crypto companies has driven it out of business.

In an email to its customers, the struggling exchange wrote: “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.”

The market needs proper laws

The crypto regulatory scene in India has become very complex. In the absence of any proper laws protecting the digital assets, the central bank has banned all commercial banks operating under its wing to conduct any business with crypto-related companies. However, the exchanges operating within India challenged the decision at the country’s apex court, the hearing date of which has recently been pushed to July.

In March, Finance Magnates reported that another India-based crypto exchange Coindelta also put a halt to its operations citing the difficulties with the uncertainty in regulations.