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.