Koinex: Indian Crypto Exchange Closing Due to Lack of Banking Support

koinex closing
One of the promising Indian cryptocurrency exchange is shutting their service down on 27th June 2019. The Exchange has announced earlier of the lack of support from the bank’s side.

Many of the users have their funds stuck in the bank transaction since after the announcement of RBI to not dealing with crypto assets anymore.

The Exchange is closing on IST 2:00 PM on Thursday  27th June 2019. They announced of remitting INR balances to their respective user’s balances holding into the exchange.

All the current orders will be canceled and their current position will be filled back to the wallets after the shutdown.

Wallet Service will though continue till 15th July, 2019 IST 9:00PM. All Users are requested to withdraw all their funds from their koinex wallet before 15th July to avoid the case of losing.

Since the beginning of conflicts between exchanges and RBI rules imposed, Users dealing in crypto are getting notices from their banks of immediate closing of their account before any further legal action took place.

Exchanges like koinex reported of many users funds suck in the bank due to the strict rules of RBI.

Koinex Mentioned,
For the past 12 months we have been talking with bankers, regulators, policy makers and legal consultants to explore how we could unfreeze the suspended bank accounts holding user deposits. In the face of persistent refusal by the banks to release user deposits, we have voluntarily and without any such legal obligation upon us, opted to rely on our own non-crypto resources to remit user deposits in good faith.

Users who have INR Balance stuck in the exchange are advised to update their KYC details on the platform and further customer support are adviced.

Read Official Statment from the Koinex

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Prashant Gupta

Prashant Gupta

Hey Forks! It's me Prashant, I am a college student pursuing Computer Science degree. I am a Crypto Enthusiast and Tech Geek — ♥ Love to learn and Code and I am here to empower peoples towards Technology and cryptocurrency.

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