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India: Another exchange bites the dust as Koinex announces shutdown of all operations

Namrata Shukla



India: Another exchange bites the dust as Koinex announces to shut down
Source: Pixabay

India has been surrounded by a smog of uncertainty, with the status of digital assets being hotly debated in the country. While the government and the Supreme Court’s decision in the ‘Crypto vs. RBI’ case is still pending, Koinex, a prominent cryptocurrency exchange in India, has decided to terminate its services on June 27.

The blog shared by the exchange stated the reason behind it shutting down. The blog said,

“After months of uncertainty and disruption, we have regretfully decided to shut down all digital assets exchange services and operations today. It is, without a doubt, a sad day for all digital assets and blockchain enthusiasts in India and we can’t express in words how hard it’s been for us to make this decision.”

Founded in 2017, Koinex gained the status of ‘India’s largest and favorite digital assets exchange,’ reporting $265 million in trading volume and 40k+ new users in 24 hours in December 2017. However, the RBI ban on April 6, 2018, hit the exchange hard and despite the ban being challenged in the Supreme Court, the case’s status is still the same as before.

“Multiple delays by the government agencies in clarifying the regulatory framework for cryptocurrencies despite our pending writ petition in the Supreme Court of India, 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.”

Previously, Coinome and Zebpay had also announced the shutdown of services in the country, in light of the ban and lack of regulations. WazirX, another cryptocurrency exchange, has been inviting users from these exchanges to join WazirX, while expressing disappointment.

Nischal Shetty, CEO of WazirX, tweeted,

“Unfortunate to hear that Koinex is shutting down. Team of good people.
We @WazirXIndia welcome all the users of Koinex. WazirX has the highest liquidity for deposit and withdrawal of INR in India.”

As the Indian crypto community awaits the Supreme Court’s decision in July, Koinex will be terminating its services on July 27 at 2 PM IST.

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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.