The India based cryptocurrency exchange has announced its closure amid tough and strict Indian cryptocurrency regulation and ban.
The CEO of the company, Gaurang Poddar announced this on a Linkedin post, he expressed general great experience and pleasure with the platform they’ve built. He also expressed that it is a great shock to end the exchange’s operation with the amount of work that has been put in and the level of growth of the exchange. He also praised his team and hopes to help any other person looking to launch their own cryptocurrency exchange.
Cryptokart was launched by Poddar in 2017 and is almost close to 2 years of operation at the time of shutdown. The exchange is fairly popular in India and all over.
This shutdown follows many other series of shutdown of India based cryptocurrency exchanges, Coinome stopped operation in May followed by Koinex in June among others
This is in response to hostile regulation and subsequent ban on cryptocurrency in India. Last month, India lawmakers proposed t enforce a 10 yearjail term for Indians dealing with cryptocurrency in any way. The complete ban is been treated and looks like it is happening. Without any form of counter to the proposed ban, India may just be moving out of cryptocurrency and so will also exchange based in India, those based outside but serve Indians will also have to shut down operations in India.