Koinex Exchange Shuts Down Its Operations Effective From 26th June - India.

Koinex Exchange Shuts Down Its Operations Effective From 26th June - India.

2019-06-27 | Robin Williams

Koinex Exchange Shuts Down Its Operations Effective From 26th June - India.

In line with a recent official 'web-blog' published by co-founder ‘Rahul Raj’, renowned 'Indian' cryptocurrency exchange Koinex shuts down its operations effective from 26th June.

Raj explained that multiple days delays by government agencies in providing a clear view on crypto regulation have played to a vital factor in the decision of shutting down of our exchange operations.

This month’s proposal to 'introduce' a 10-year jail sentence for Indian users who use virtual currencies has conjointly contributed to a “sharp decline in the  trading volumes.”

As per Raj, Koinex have been undergoing “regular disruption,” as well as denials while attempting to use payment services. He alleged this disruption extended to non-crypto transactions additionally – with exchange staff asked queries by banks whenever they received their salary or while paying their rent.

Warning that it was not any more economically feasible to serve customers, Raj added:

“The final call has been taken after duly considering all the newest developments within the cryptocurrency and 'blockchain' businesses in India… sadly we’re not too hopeful that things can change for something better within the mere future.”

Raj said that the exchange plans to refund frozen deposits to bank accounts over consecutive 5 weeks, and urged users to empty their crypto wallets last by 15th July.

Earlier in May, another leading 'Indian' cryptocurrency exchange, Coinome, conjointly 'proclaimed' that it was closing its operations citing regulative difficulties.

Also last week, it was 'reported' that 'Facebook' has not applied for approval for its upcoming cryptocurrency project named ‘Libra’, in India.

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