Although the cryptocurrency market has generally risen since last April, many cryptocurrencies are still closing due to country laws. India, where banks and financial institutions are banned from serving cryptocurrencies, has recently become one of the countries where the most cryptocurrency exchanges have been closed.
According to a post published last week, India-based Cryptokart was the most current platform to close the cryptocurrency exchange. Gaurang Poddar, the founder of the stock exchange, said the closing of the stock market was “quite challenging, considering all the hard work they have done”. The founder, who is proud of the platform in general, said he was still intent on staying in the cryptocurrency industry.
Prior to the closure of Cryptokart Exchange, the Koinex cryptocurrency exchange announced in May that it had stopped the Coinome cryptocurrency exchange services. The two cryptocurrency exchanges also made statements after their closure, which were closed by decree of the government and the legislators.
In addition, rumors in India stated that Bitcoin users will be imprisoned in recent months. However, the Indian Ministry of Finance recently clarifed the issue, giving investors a bit of a relief.