Koinex, one of India’s leading exchanges of cryptocurrency, closed its trade facilities effective from 2:00 p.m. on 27 June. It has accused the crypto-sphere in India of ‘uncertainty and disturbance.’ On 15 July, the time limit for the withdrawal of all digital assets is 9 p.m.
“It’s goodbye to Koinex sooner than anticipated,” the exchange told its customers in their e-mail.
The exchange, on its Website in a formal statement, always intended “to offer the greatest standard of service in the trading of digital assets to blockchain lovers in India.”
The hard position adopted by the Indian Government against the crypto-monetary situation has led to Koinex being established in August 2017.
“Being a digital asset exchange company in India over the previous 14 months, though, has become highly hard,” the official declaration said. Koinex explains in its blog detail why its services are shut down.
“We have taken on enormous economic burdens to continue trading digital assets and enable lawless Indians to be involved in the decentralized global revolution,” said Koinex CEO Rahul Raj. “The greater interest in guiding the sector towards positive regulations is that we remain far from disclosing details to the public, but regrettably we do not expect things to change for the better in the short term.”
India’s biggest cryptocurrency exchange Zebpay was shut down in September 2018, following a seeming ban on virtual currencies enforced by the Reserve Bank of India (RBI). The main responsibility for the introduction of cryptocurrency trading was Zebpay, established in 2014 in India to thousands of individuals.
It does, nevertheless, have its exchange in Australia, where cryptocurrencies are treated as legal offers. The Australian Transaction Reports and Analysis Centre (AUSTRAC) also considers crypto-currency exchanges legal in the state. The exchanges are not regarded as legal. Koinex delisted a number of currencies in the last few months and requested the retirement of the coins by its customers.
Unocoin, another major cryptocurrency trading platform in India, has reportedly displayed most of its employees under regulatory uncertainty. The Economic Times reports. It is reported that the Bengaluru-based start-up has scaled its team in February 2018 up to just 14 staff in April out of 100.
Although after Facebook announced its cryptocurrency project, the world has discovered a renewed interest in cryptocurrencies, India ‘ s future in cryptocurrencies seems deceiving right now. The Banning draft of the Official Currency Bill 2019 proposes a 10-year prison sentence for people who mined, generated, held, sold, transferred, disposed of, issued or dealt directly or indirectly in the cryptocurrency.