Business

India’s largest cryptocurrency exchange Koinex is shutting down

over proposed ban, amidst regulatory uncertainty

Koinex Shutting Down
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India's largest cryptocurrency exchange Koinex is shutting down, over proposed ban, amidst regulatory uncertainty, chaincoin. Indian cryptocurrency exchange Koinex has announced that it is closing its operations today, citing lack of banking support and regulatory uncertainty in the country. Koinex was set up in 2017 and within four months, it was the country's largest digital assets trading fund as it recorded $265 million in trading volume and had more than 40,000 new users in 24 hours during the peak month of December.

“The last 14 months have been tough to operate a digital assets trading business in India, on account of the closure of bank accounts holding user deposits. We took on 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,” Raj wrote. In a blog post issued June 27, Rahul Raj, CEO of Koinex, said the company had no option but to suspend trading indefinitely.

Though India-based crypto players formed a consortium to challenge the decision of the Reserve Bank of India at the apex court of the country, it is yet to reach at any verdict as the court proceedings are getting delayed. Koinex is just the latest crypto exchange to shut shop in the country, followed by Coindelta, Coinome and Zebpay. The announcement is the latest in a string of surrenders from the Indian crypto exchange industry, which has faced more than a year of mistreatment by banks and regulators.

In fact, during these days, Koinex’s users were shouting on social media for their pending withdrawal request on Koinex exchange. We’ve reached out to Nischal Shetty, CEO of Indian WazirX exchange and enquired what would be the possible and basic reason other than banking ban. Indian cryptocurrency exchange Koinex is closing its operations today, citing lack of banking support and regulatory uncertainty.

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