Major Indian Cryptocurrency Exchange Koinex shuts down due to Regulatory Uncertainty

A major cryptocurrency exchange in India, Koinex, shuts down amidst lack of regulatory framework as well as the uncertainty behind the cryptocurrency market in India. Koinex was the first cryptocurrency exchange in India to bring Altcoins in the country. It is widely speculated that the XRP boom in 2017 happened in this exchange.

Regulatory Uncertainty killing Indian Crypto Businesses

Koinex is not the first exchange to shut down and certainly won’t be the last. In March 2019, another major cryptocurrency exchange, Coindelta, shut down after not able to make profits. What’s shocking is, Koinex decides to close shop amidst a bull market.

Not only are existing businesses moving out of the country but also newer startups are not taking the risk of registering in India. If the Indian government continues to crackdown on legit businesses then it will see an unprecedented opportunity cost lost in the next decade.

Trading services and operations on all Koinex platforms will be permanently disabled at 2.00 PM IST on Thursday, June 27, 2019.

Koinex Alternatives

Koinex closing although shocking hasn’t left a gap in the market. Exchanges such as CoinDCX and BitBNS have already started services and offers to help users shift to them easily.

CoinDCX is offering up to 2% cashback for users who deposit their existing tokens from Koinex to CoinDCX. BitBNS is offering the refund the entire withdrawal fee of Koinex users.

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