astro19 CCrytocurency exchange Koinex shuts down in Inia
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Allopen orders on Koinex after 2 pm today will be automatically cancelled and the funds will be returned to
corresponding wallets. (Reuters)
Cryptocurrency exchange Koinex shuts down in India
‘min read . Updated: 27 Jun 2019, 04:18 PM IST
Staff Writer
Koinex has been facing denials in payment services from payment gateways and bank account
closures
The crypto exchange said it has witnessed a sharp decline in its trading volumes
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Topics Cle
Koinex | Bitcoin | Cryptocurrency
NEW DELHI : Facing regulatory troubles, one of India’s largest cryptocurrency
exchange, Koinex, shut down today. “After months of uncertainty and disruption, we
have regretfully decided to shut down all digital assets exchange services and operations
today,’ Koinex co-founder Rahul Raj said in a blogpost.
He said the last 14 months have been tough to operate a digital assets trading business
in India, on account of the closure of bank accounts holding user deposits.
"We took on immense financial burden to continue trading of digital assets and allow
law-abiding Indians to participate in the decentralized revolution that has swept across
the globe,” Raj said their operations were regularly disrupted amid delays by government
agencies in clarifying the regulatory framework for cryptocurrencies.
The crypto exchange has been facing denials in payment services from payment
gateways, bank account closures and blocking of transactions for trading of digital
assets.
Last year, the Reserve Bank of India (RBI) prohibited regulated entities, including
commercial banks, payments banks and small finance banks from dealing with or
providing services to facilitate trade in virtual currencies.
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It has been reported earlier this month that the government is planning to introduce a
new draft bill ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies
Bill 2019° that proposes a jail term for anyone dealing in cryptocurrencies.
Koinex said the news has led to a sharp decline in its trading volumes. All its open
orders after 2pm today will be automatically cancelled and the funds will be returned to
corresponding wallets.
The RBI has not encouraged the use of bitcoins, and the sale of bitcoins currently is
taxed in India. There are an estimated three million bitcoins in circulation in the
country.
Topics
Koinex | Bitcoin | Cryptocurrency
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