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.”