Dear Users,
After years of uncertainty and disruption, we have regretfully decided to shut down all digital assets exchange services and operations from 25th November 2024. It is, without a doubt, a sad day for all of us and we can’t express in words how hard it’s been to make this decision.
Quick background and history
Founded in 2017 by the team of CrypDates, we set up Colodax in the summer of 2018 just after the ban of RBI on cryptocurrencies exchange services in INDIA. Colodax is the premier INDIA - based blockchain platform, providing lightning-fast trade execution, dependable digital wallets and industry-leading security practices.
Despite the hurdles from RBI ban we kept running by providing best in class Security, Fast Deposits and Withdrawals and Commitment to compliance.
Why the decision to shut down Colodax
The last 24 months have been tough to operate a digital assets trading business in India, on account of the closure of bank accounts holding user deposits due to cyber security claims and bad actors misusing the use case of cryptocurrencies.
We took on an immense financial burden to continue trading of digital assets and allow law-abiding Indians to participate in the decentralized revolution that has swept across the globe. Multiple delays by the government agencies in clarifying the regulatory framework for cryptocurrencies, coupled with regular disruption in our operations, the final decision has been taken after duly considering all the latest developments in the crypto and blockchain industry in India.
The amount of capital, effort and grit that’s required to conduct a complicated business like this is just increasing with no relief in sight — the infrastructure cost alone for operating the exchange platform and ensuring the safety and security of users’ funds is unbelievably high. Adding to that the costs for legal, customer support and a cluster of other functions, continuing to conduct the business is proving to be an unwise idea with no scope to make revenues to cover for them.
Some Important Dates and Details
The digital assets trading/withdrawal services will be permanently disabled on all our platforms at 3.00 PM IST on Tuesday, November 25th, 2024. Users are requested to plan their trading activity carefully, sell all your crypto and close the trade positions. After the deadline has passed, we will automatically liquidate your account and process the INR withdrawal request to your verified bank.
Due to the uncertainty of cryptocurrencies status in India, you will not be able to withdraw any crypto going forward. The INR wallets will continue to be functional, and users will be required to withdraw all funds to their verified Indian bank account from the platform before 9.00 PM IST on November 25th, 2024. Failing to do so may result in forfeiture of their funds, in case we are unable to keep the wallet function alive post the aforementioned timeline. We will attempt to release all user funds immediately after the INR withdrawal request is received. All deposits received until November 12th 2024 will be processed as usual.
Our customer support team will be available throughout this transition period, resolving all pending queries and issues for all our users to the utmost satisfaction. We will also continue to be responsive on all our social media channels and we urge the users to only communicate with the official modes of communication to avoid any kind of mishappenings.
A note of thanks to our users and the community
From the bottom of our hearts, we would like to thank every single user of Colodax. It has always been the driving force for the entire team to continue to struggle through all the problems we have faced in the past years. Innovations in our product offerings, all our efforts have gone into making it possible for our users to have access to the opportunity of interacting with the technology of the future. We did everything we could, in return for all the love, support and encouragement we have received from our users throughout this wonderful journey. We are thankful and proud.
We would also like to take a moment to thank the founders of all other exchanges, the journalists sharing the right information and highlighting the right set of issues to discuss, the founders of other blockchain projects, and everyone else who had an intent and a role to play in the right direction.
What’s next on Colodax
As a bunch of energetic product-oriented professionals, we will continue to focus towards serving the Indian populace by enhancing CrypDates. India is a dynamic economic powerhouse and we are on our way to find the next big challenge that propels growth and changes the lives of over a billion people.
Team Colodax
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