After rumors of the Indian government banning cryptocurrency completely, here comes the next big blow to Indian cryptocurrency world when another 2 years old cryptocurrency exchange Koinex decided to close its office doors and shutdown all the cryptocurrency related transactions. They announced this through their official blog at Medium.
Another shutter is down in Indian cryptocurrency space after Koinex decided to close its operation in India even though Bitcoin market cap has reached 2 Billion. There has been tremendous ups and down in Indian crypto community where Indian people are not getting support from their government and are afraid to trade in crypto.
Koinex digital exchange was started on August 25, 2017 and just within 4 months of existence, they became India’s largest and favorite cryptocurrency exchange. When buying and selling of cryptocurrencies were at a peak in India, they boarded 40K new users just in 24 hours back in the month of December.
Main Reasons of Koinex Decision to Close the Crypto Exchange
1. Changing Indian regulations for cryptocurrency and not any proper law.
2. The increasing financial problem for Koinex team as Indian banks froze and closed the account of people and exchanges holding their money.
3. Koinex administrators were not able to pay salary to their staff, office rent, etc. because of banks doubting even non-crypto transactions.
4. The decline in the trading volumes of digital assets after shocking news reported by “BloombergQuint” where they stated that India may propose 10-Year jail For Cryptocurrency use.
What Koinex Users Can Do Now?
If you are having an account in Koinex, just don’t worry, because you have been given enough time to withdraw your digital asset to a different exchange (Check important dates down). Your current INR balance will be given back to you in coming weeks which will come with a convenience fee which will be between INR 10 and INR 2000, depending on the INR wallet balance.
As currently, cryptocurrency trading is in danger in India, we will advise you not to move your digital currency to any of the remaining Indian cryptocurrency exchanges, rather move to other global exchanges like Binance, Bittrex, Poloniex, etc.
Important Koinex Deadlines
- 27th June 2019 (10 AM IST): All crypto and INR deposits are suspended.
- 27th June 2019 (2 PM IST): Trading disabled across all platforms.
- 15th July 2019 (9 PM IST): The deadline for withdrawing all digital assets from your Koinex Wallets
Don’t forget to withdraw your cryptocurrencies to another exchange or wallet before the deadline.
We are sure you must have not liked this cryptocurrency news. This is one of the major setbacks for Indian crypto lovers as one by one Indian cryptocurrency exchanges are closing due to government regulations and high cost of maintaining these exchanges.
Please let us know what are your views on this shocking news and what would you like to say to the Indian government whose laws are forcing startups like Koinex to close their businesses. Also, do share this article with your crypto friends and subscribe to our newsletter for free cryptocurrency news in your email box.