Indian Crypto Exchange Koinex To Shutdown Today!
As a long time user and observer of the crypto space in India it disappoints me to share news like this. Koinex crypto exchange is winding down today. If you have any crypto with them please transfer it out asap. It's a sad day for Indian crypto scene as entrepreneurs in this space are losing out to the nonsensical measures taken by RBI to disrupt the sector.
Government measures have undoubtedly stifled the growth in this sector. This is happen even as other countries in the region such as Philippines approves 48 crypto exchanges and in India we can't even manage to keep the ones we have from shutting down.
I won't bother quoting statements from the official blog because frankly i'm quite disappointed with what i'm seeing happening in my country.
But you can read the official blog from Koinex CEO here. But here's some crucial information and I appreciate them putting this out officially.
The digital assets trading services will be permanently disabled on all our platforms at 2.00 PM IST on Thursday, June 27, 2019. All open orders after this deadline will be automatically cancelled and the funds will be returned to corresponding wallets. Users are requested to plan their trading activity carefully and close their trade positions.
A snapshot of the wallet balances at this time will be taken for record, and the effort to disburse INR balances will begin immediately. Since the bank accounts with user funds are still frozen and the capital is held up, we have made arrangements for funds from our own resources, so that we return as much as we possibly can, back to our users and alleviate their position in reference to the funds held up in these frozen accounts. This is a voluntary move and is being undertaken even though it is not our legal obligation, only with a view to reduce the hardship that it is causing to so many of the users who reposed faith and supported our business effort while things were not constrained. This is our way of saying ‘thank you’ and bidding adieu.
The digital assets wallets will continue to be functional, and users will be required to withdraw all funds from the platform before 9.00 PM IST on July 15, 2019. Failing to do so may result in forfeiture of their funds, in case we are unable to keep the wallet function alive post the aforementioned timeline.
Please take out your funds by July 15th out of Koinex.
I wonder if the remaining few exchanges too will shut down at the rate things have been going. I can't say i'm proud about the policies of our nation's current government, not when it's killing entrepreneurship in emerging technologies in the ways it is!
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Just heard this news hours ago. Really shocking!
Posted using Partiko Android
Which exchange is here to stay. I just moved my Cryptos to Koinex from coin delta. It already cost me hefty transfer fees. Now I'll have to move them again. Is pocketbits safe or wazirx