Koinex, one of the leading cryptocurrency exchange in India, has shut down its trading services with effect from 2 pm on June koinex Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Cryptocurrency in India: The past, present and uncertain future. Recent News & Activity Mint (IN) — Cryptocurrency exchange Koinex shuts down in India. News• Quartz — Pay attention to India's pivot to blockchain. INVESTING IN IRAQI OIL COMPANIES

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If the Indian government continues to crackdown on legit businesses then it will see an unprecedented opportunity cost lost in the next decade. Trading services and operations on all Koinex platforms will be permanently disabled at 2.

BitBNS is offering the refund the entire withdrawal fee of Koinex users. Thank You koinexindia for paving the way for blockchain in India. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space.

Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds. Get the latest news on Blockchain only on Blockmanity. Mention helps you take charge of your social media workflow, thanks to their suite of powerful social monitoring and scheduling features. Check out their free guide, to help take your first steps into designing a workflow that works for you.

Why did Koinex fail and shut down? On April 6th, , the Reserve Bank of India issued a statement where it said that all government-regulated exchange platforms had to stop trading with and exit relationships with any individual or organization that dealt with cryptocurrency transactions and block such transactions from taking place.

And while there were other payment platforms that worked, Koinex suffered from a constant stream of obstacles like payment denials, closure of bank accounts and disruptions of operations. A very important point to make here is that this also happened for non-crypto transactions such as salary payments, rent, and purchase of equipment. In other words, just because Koinex was associated with cryptocurrency exchanges, many of their employees got a call from their bank every month, where they were presented with a new problem related to payment and their bank accounts because they worked for Koinex.

Ultimately, there were too many obstacles and too little profit to be made from exchanging cryptocurrency in India.

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Koinex, Coinome TOP Crypto Exchange बंद होने के पीछे की सचाई ? Koinex, is shutting down

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