Founder
of Indian cryptocurrency exchange Cryptokart Gaurang Poddar announced
that his company is shutting down in a LinkedIn post published last week.
In
his post, Poddar described the shutdown of the exchange as “difficult,
given the hard work we've put in” but concluded that overall the
experience was positive and that he was proud of the platform and seemed
intent on remaining in the field, asking “If you know anyone interested
in launching their own exchange, please let me know.”
Poddar
announced that he was looking for opportunities in product management,
and asked anyone who knew about such opportunities to contact him.
Poddar launched Cryptokart in 2017, roughly one year and nine months
ago.
The news comes after Indian crypto exchange Koinex ceased operations in June and in May Coinome — another crypto exchange operating in the country — announced the halt of its services. Both exchanges cited the hostile regulatory environment as the cause of their shutdowns.
As Cointelegraph reported
last month, Indian lawmakers have reportedly proposed to enforce a
10-year jail term for citizens who deal with cryptocurrencies. The new
tough crypto regulation is part of a recently proposed draft bill called
“Banning Cryptocurrencies and Regulation of Official Digital Currency
Bill 2019.”
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