While the cryptographic community is still in the #CoinbaseDown conversation, the Indian cryptographic community is voicing its sudden announcement of a “shutdown” of Koinex, one of the oldest cryptocurrency exchanges.
On June 27, 2019, the Koinex India Cryptographic Exchange issued a new announcement entitling it to “Koinex Termination Announcement – Termination of Exchange Services” citing justifications for regulatory delays & bank pressure on employees ’bank accounts. Koinex soon managed to be one of the trusted exchange programs after its launch in August 2017 – but to be honest, fears of closing Koinex appeared on social media when NEO, GAS and ACT tokens were removed shortly after the announcement of Coindelta’s shutdown. In April 2019.
U can find 1000 people who would keep a lifetime. Too bad it doesn’t have enough volume.
– N Baramy (@ naseef36)
In fact, these days, Koinex users have shouted their pending withdrawal request on the Koinex stock market on social media. We contacted , CEO of the Indian Stock Exchange WazirX and inquired about what could be other possible and fundamental reasons than the ban on banking. Mr.Shetty’s banking ban was, of course, the biggest reason for the Indian stock market hikes so far, adding that he continued;
Their volume has dropped drastically and this makes it difficult to carry out the exchange as the volumes drive the revenue. If they had a good volume now, I’m sure they didn’t stop.
Subsequently, the stock exchange finally announced that it would close on June 27 and announced that trading would be suspended on Thursday, June 27, 2019 at 2 p.m.
Koinex Shutdown Notice – Termination We will permanently disable digital device trading services on all our platforms on Thursday, June 27, 2019 at 2 p.m. After the deadline, all open orders will be automatically canceled and the funds will be returned to the corresponding funds. wallets. Users are asked to carefully plan their trading activities and close their trading positions.
So far, many Indian stock exchanges have closed their trading activities in India – including Zebpay, Coindelta, Coinome – and the very common reason that all stock exchanges have detailed in their blogs is: – The regulatory uncertainty of the domestic cryptocurrency. The Koinex exchange then wrote a blog post adding the reason for the closure: “Government agencies are repeatedly late in clarifying the regulatory framework for cryptocurrencies”. In addition to the regulatory aspect, Koinex also mentioned the difficulties of banks and payment gateways. He mentioned that;
We have consistently faced a rejection of payment services from payment gateways, Koinex added. One of the hardest things to handle is explaining to our team members why they get a monthly call from their bank when paying.
We also asked the founders of other existing exchange programs how to handle employee pay, but the question remains unanswered until reporting.
Moreover, speaking to users, Koinex adds that they wrote within the next 5 weeks;
Over the next 5 weeks, we will attempt to release all user deposits to their registered bank account after charging a convenience fee (between INR 10 and INR 2000, depending on your INR wallet balance). Wallets for digital devices will continue to be functional and users will have to withdraw all money from the platform on July 15, 2019 before 21:00 IST.
The announcement of Koinex proved to be a potential opportunity for exchanges like WazirX, who quickly notes that “welcomes all Koinex users”. Mr. Shetty stated of further conversation with Coingape;
No need to panic. Koinex has given enough time to relocate cryptographic devices, and WazirX welcomes everyone from Koinex.
It is worth noting that the stock exchange has previously received risk finance, which has raised a new question as to why it cannot afford to register its office outside India – Just as other existing stock exchanges have announced their advanced plan – if regulators impose strict regulation at all ban.
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