Another Crypto Exchange: Koinex Perishes In Indian Government’s Genocide

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A spot death could be a tragedy, but it’s much better than dying slowly. Watching your death approaching to you could be terrific. Well, that’s the present scenario with Indian Crypto businesses. The delay causing by Government in announcing the regulations, or at least considering them as something is worse. The specially formed committee to look into matter and frame policies regarding blockchain and cryptocurrencies in India was formed in mid-2017, headed by Subash Chandra Garg. This committee has been failing in producing any results since then.

Another Crypto Exchange: Koinex Perishes In Indian Government’s Genocide

Koinex ShutDown
Koinex ShutDown

While there are a lot of rumorous reports being circulated, none of them had a reliable base. Yet, they have created enough FUD in the community which led the existing crypto business to die.

Last year, when RBI ordered all the banks to cut off their dealings with virtual currencies (cryptos) dealing businesses, the crypto trading exchanges in India started facing the heat. Zebpay, a popular exchange in the nation has moved its operations worldwide. Later, Coindelta, Unocoin, and Coinome followed by one another in shutting down due to uncertainties from Government. And now, there’s another exchange afresh in the list – Koinex.

On 27th June, Rahul Raj, co-founder of Koinex revealed in his medium roast as, “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.

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He further elaborated the daily issues they’ve been facing and thanks note to their customers. Read the full post here – http://bit.ly/2xeMRds

The customers are taken well care throughout the closure. The team has informed them about the seizing of trading and notified everyone to withdraw their funds on time. They’ve eased the procedures, eliminated hard authentications and even set up an IVR service to guide, authorize transactions and know the status about transactions.

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