India’s leading cryptocurrency exchange Koinex announced on Thursday that it\nwas shutting its operations from 2 pm on June 27, blaming the decision on the\n‘uncertainty and disruption’ in the crypto-sphere in India.<\/p>\n\n\n\n
In a blogpost, Koinex Founder Rahul Raj announced the digital assets\ncompany’s shut down of operations after facing regulatory troubles and\nlack of bank support in the country.<\/p>\n\n\n\n
“It is, without a doubt, a sad day for all digital assets and\nblockchain enthusiasts in India and we can\u2019t express in words how hard it\u2019s\nbeen for us to make this decision.”, Rahul Raj, co-founder of Koinex said\nin the his blog. <\/p>\n\n\n\n
\u201cThe last 14 months have been tough to operate a digital assets trading\nbusiness in India, on account of the closure of bank accounts holding user\ndeposits,” he added.<\/p>\n\n\n\n
Last Year the Reserve Bank of India (RBI) stopped banks from accessing the\nservices of cryptocurrency firms.<\/p>\n\n\n\n
“On April 6, 2018, the Reserve Bank of India issued a circular\ninstructing all regulated financial services entities to exit relationships\nwith companies and individuals dealing in virtual currencies and block all such\ncrypto-related transactions.”, he said.<\/p>\n\n\n\n
However, the RBI’s decision has been challenged in the Supreme court and a\nverdict is yet to come. <\/p>\n\n\n\n
He said that he faced denial in payments from payment getaways and\ntransaction blocking for the trading of digital assets.<\/p>\n\n\n\n
The crypto-market in India has been in disarray since the start of the year due to the ambiguous stand on crypto-assets by the regulators. Things further took a downward spiral with the RBI directive reprimanding banks from partnering with crypto-entities. <\/p>\n\n\n\n
About Koinex: <\/strong> India’s leading cryptocurrency exchange Koinex announced on Thursday that it was shutting its operations from 2 pm on June 27, blaming the decision on the ‘uncertainty and disruption’ in the crypto-sphere in India. In a blogpost, Koinex Founder Rahul Raj announced the digital assets company’s shut down of operations after facing regulatory troubles and lack of […]<\/p>\n","protected":false},"author":13,"featured_media":2987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[82],"class_list":["post-2986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-economy-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=2986"}],"version-history":[{"count":2,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2986\/revisions"}],"predecessor-version":[{"id":3636,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/2986\/revisions\/3636"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/2987"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=2986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=2986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=2986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Founders: Rahul Raj, Rakesh Yadav, Aditya Naik
Sector: Digital assets<\/p>\n","protected":false},"excerpt":{"rendered":"