Largest Indian Crypto Exchange Koinex Shuts Down

Largest Indian crypto exchange Koinex, officially shut down over the discussions about the bitcoin ban in the country. The exchange is shutting down because of regulatory pressure according to the officials and we read more about it in the altcoin news below.

In a blog post issued earlier today, Rahul Raj who is the CEO of the largest Indian crypto exchange stated that the company has no other option but to suspend trading indefinitely. According to the blog post, the announcement is the latest development that emerged from the hysteria over the proposed bitcoin ban. The exchange has also faced more than a year of mistreatment by banks and government regulators. Raj noted:

‘’After months of uncertainty and disruption, we have regretfully decided to shut down all digital assets exchange services and operations today. It is, without a doubt, a sad day for all digital assets and blockchain enthusiasts in India and we can’t express in words how hard it’s been for us to make this decision.’’

Koinex began operations in early 2017 and reached a 24-hour trading volume in less than four months after it reached up to $265 million when the price of the number one asset also reached a high of $20,000. As previously reported, at the beginning of April in 2018, the central bank of India started instructing financial institutions to ban all crypto related business from accessing banking support. The move harmed the exchanges extremely since many of the well-known ones stopped trading or moved their business abroad. Raj revealed:

 “We have consistently been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of digital assets. Even for non-crypto transactions like payment of salary, rent and purchase of equipment, our team members, service providers and vendors have had to answer questions from their respective banks — just because of an association with a digital assets exchange operator.’’

As explained in the latest cryptocurrency news, the central bank’s decision has seen a Supreme Court challenge so no changes have yet appeared. India is one of the countries with the harshest jurisdictions for bitcoin holders. The lawmakers are now creating a legal framework to outlaw cryptocurrencies entirely.