Another Indian crypto exchange— Cryptokart has shut down. The founder of the exchange Gaurang Poddar announced this shutdown via a recently published LinkedIn post.
Poddar made it known that although the shutdown of the exchange is a difficult experience, given the hard work they have put into making sure the exchange gain traction. He, however, stressed that the experience he has had since launching the exchange. He also states how proud he was of the platform and that he will remain in the field still.
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“We’ve decided to shutdown Cryptokart. While it’s difficult, given the hard work we’ve put in, its been a great experience and I’m glad to have gotten to work with such a talented and passionate team and proud of the platform we’ve built. If you know anyone interested in launching their own exchange, please let me know. Also, I’m looking for opportunities in product management. If you know of any, please connect me.” He explained.
Poddar also stressed that he is looking for opportunities in product management and that anyone with access to information that can provide him with work in such niche should contact him. The founder launched the exchange about 1 year nine months ago. Since then, Cryptokart has grown into a major provider of crypto trading opportunities in the country.
This shutdown news is coming right after top Indian exchange like Koinex stopped operations in June and in May Coinome — another crypto exchange operating in the country —announced the halt of its services.
In their shut down messages, the two exchanges pointed at the hostile regulatory environment as the major reason behind their shut down.
Bitcoin and Crypto Not Banned in India
According to a recent report, the Indian Minister of Finance has made it known that crypto and bitcoin are not banned in the country. And the government of the country is already making moves aimed at regulating the industry properly.
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