Since our announcement on 27th June 2019 regarding disabling trading activities on all Koinex platforms permanently, we’ve received a lot of queries regarding the status of the cryptocurrencies in users’ wallets. We’ve prepared a detailed guide to help you alleviate all your concerns and resolve your questions regarding crypto withdrawals.

Where to withdraw?

You can withdraw the cryptocurrencies either to a crypto wallet or to a cryptocurrency exchange. In this post, we’ll only cover how to withdraw to a cryptocurrency exchange which supports multiple cryptocurrencies similar to Koinex. The exchanges can be broadly classified into two categories:

Indian exchanges: These exchanges allow you to trade in crypto to INR pairs and withdraw INR. For example, there you can trade in BTC/INR, XRP/INR, or other markets and convert crypto to INR and vice versa. We recommend our users to check all the existing INR to crypto exchanges based on ease of deposit & withdrawal, support, and volumes. Here are some of the prominent ones (in no particular order):

1. WazirX
2. CoinDCX
3. BitBNS

International exchanges: With international exchanges, you can only trade in crypto-to-crypto pairs but cannot liquidate your cryptocurrencies into INR. For example, there you can trade in XRP/BTC, BTC/USDT and other crypto-to-crypto markets.

As mentioned previously, we recommend our users to check all the existing crypto-to-crypto exchanges based on ease of deposit & withdrawal, support, and volumes. Below are the top 3 global exchanges in terms of trading volumes, security and customer support:

1. Binance
2. OKEx
3. Huobi

Disclaimer: Koinex does not endorse any exchange or service provider as we are not in a position to control or regulate any other exchange. Koinex does not take any responsibility for any kind of monetary loss incurred by either you or any third party on these exchanges.

How to withdraw?

Following are the steps for withdrawing your cryptocurrencies from Koinex wallets:

1. Login into your Koinex account and select “Koinex” from the products dropdown.

2. Click on “Withdraw” button for the cryptocurrency that you wish to withdraw.

3. Enter the Withdrawal Wallet Address (and any other information such as destination tag, if required in the withdrawal window) and Withdrawal Amount. Make sure you double check this information for your own safety.

4. Authenticate the transaction using G-Auth OTP or Mobile SMS OTP.

5. Confirm the withdrawal by pressing “1” on the IVR confirmation call which you will receive on your registered mobile number after initiating the withdrawal request.

That’s all you need to do! Please note that due to increased number of crypto withdrawals, your withdrawal can take up to 3 working days to reflect on your destination wallet.

For INR: We’re already processing INR transactions to return all user balances to the bank account that users have registered on Koinex. For more details, please refer to our article Post Shutdown: Details of INR Balances.

The deadline to withdraw all your cryptocurrencies is 9.00 PM IST on Monday, 15th July 2019. Failing to do so may result in forfeiture of your funds, in case we are unable to keep the wallet function alive post the aforementioned timeline. We request all the users to withdraw their funds before the given deadline to avoid any monetary loss.

Our customer support team will be available throughout this transition period, resolving all pending queries and issues for all our users to the utmost satisfaction. We will also continue to be responsive on all our social media channels and we urge the users to only communicate with Koinex’s official modes communication to avoid any kind of mishappenings.

Post Shutdown: How to withdraw your crypto from Koinex wallet? was originally published in Koinex Crunch on Medium, where people are continuing the conversation by highlighting and responding to this story.

How are we doing this?

For the past 12 months we have been talking with bankers, regulators, policy makers and legal consultants to explore how we could unfreeze the suspended bank accounts holding user deposits. In the face of persistent refusal by the banks to release user deposits, we have voluntarily and without any such legal obligation upon us, opted to rely on our own non-crypto resources to remit user deposits in good faith. After trading of digital assets closes at 2:00 PM IST on Thursday, 27th June 2019, we will begin remitting your INR balances to your bank accounts registered with Koinex. We aim to complete this entire process within the next 5 weeks.

What are the costs?

The arrangement of funds from non-crypto resources poses significant economic costs. Therefore, an associated fee will be levied to partially compensate such economic costs and effectively remit user deposits within a reasonable time. In the course of the next 5 weeks, we will release all INR balances to the registered bank accounts of our KYC verified users after levying a convenience fee ranging between INR 10 and INR 2000, depending on the quantum of INR balances.

Bank account details

For effective and quick remission of your INR balance to your registered bank account, you are advised to ensure that your KYC details are updated including but not limited to your bank account registered with Koinex. Please contact our customer support team through any of our official communication channels if you have any queries.

Post Shutdown : Details of INR funds was originally published in Koinex Crunch on Medium, where people are continuing the conversation by highlighting and responding to this story.

We have taken the decision to discontinue exchange operations after trying all possible strategies to help the Indian crypto community. You can read more about our decision here. We thank you for all your support and rest assured we are here to help you securely withdraw your digital assets (Koins) from your Koin wallets.

The deadline to withdraw all your Koins is 9 PM IST on Monday, 15th July 2019. We request you to please withdraw all your funds in time. We will not be able to provide support after the mentioned deadline.

The Fee to withdraw your Koins is unchanged. You can check the details here:

To further help all our users, we have reduced the minimum withdrawal limit for most of the Koins. You can read about the updated limits here:

We have always strived hard for the benefit of our users. To make this last journey of yours with us as smooth as possible, we have updated a few security protocols:

1. Forgot Password? You don’t have to raise a support ticket and wait for our response, you can do it yourself.
2. Don’t have the Authenticator OTP? You can easily change your preference from Authenticator to SMS OTP.
3. Worried about the security of your withdrawals? We have introduced an IVR call procedure to ensure the safety of your withdrawals. Over time we have realised, scammers may ask you to share OTP or forward authorisation mails. To prevent this, for every Koin withdrawal on a new address, you need to authorise over a call on your registered mobile number where the details of the withdrawals would be clearly stated.
4. Please read our FAQs for details on the above mentioned changes and also for all your questions including:

a. I cannot withdraw because I do not have access to the phone number that I have last updated on Koinex.

b. I am not in India and cannot confirm withdrawal request via phone.

For any queries that may not be covered in our FAQs, please reach out to us using any of our support channels.

Your Funds Are Safe was originally published in Koinex Crunch on Medium, where people are continuing the conversation by highlighting and responding to this story.

We have noticed several fake accounts trying to scam our users by posing as Koinex support and asking for coin/money transfers for providing support for their issues. The sole aim of this communication is to clear the fact that neither Koinex nor any of its representatives will ever ask for monetary compensation from our users.

Here are a few snapshots of the way these scammers contact our users:

Please note, our official handles are as follows:

• Twitter: https://twitter.com/koinexindia
• Facebook: https://www.facebook.com/koinex
• Telegram: https://t.me/KoinexAnnouncements
• You can also raise a support ticket by visiting: https://koinex.freshdesk.com/support/home

Please refrain from tagging/replying to any other handles for any Koinex related queries. Also, feel free to report such fake handles to us on the above-mentioned official channels.

Security Blog: Beware of scammers! was originally published in Koinex Crunch on Medium, where people are continuing the conversation by highlighting and responding to this story.

On 5th May 2019, Koinex went under maintenance and our engineers worked diligently to get the platform up and running. We made modifications to our infrastructure for better process optimisations and better overall performance of the platform. All services except crypto deposits/ withdrawals went live on 8th May 2019. However, after the recent shocking incident of the world’s largest crypto exchange - Binance getting hacked, we decided to revisit our security infrastructure and make a deeper inspection of our exchange. In spite of the Binance hack setback to the crypto community, we believed that this will be another opportunity for us to add more security layers, implement robust health checks and add advanced reporting protocols.

Being the largest exchange in the country, it is our responsibility to ensure that all funds and data are safe at all times. A holistic security scrutiny is underway at the time of writing this blog and our engineering team is working hard to leave no stone unturned in establishing full confidence in our users by delivering better security on all our products and services. We apologise for the inconvenience caused to our users due to unavailability of some of our services during this week. But our philosophy is to value the hard earned money that our users invest in this new age asset class by utilising the services we provide. While the inconvenience is regretted, we are confident that our users will understand the huge responsibility that we undertake on their behalf and will excuse us for making the platform more secure for them.

Being firm believers in blockchain technology, we stand by each and every exchange, be it Indian or global. We strive to keep BUIDLing towards a future that is decentralised and appreciate all the love and support that we receive on this journey.

Trading is live on Koinex exchange and Loop. We will enable crypto deposits and withdrawals by 11:59 PM IST on 11th May 2019. Please stay tuned to our official channels for further updates. Thank you for your patience!

Safety & Security is paramount. was originally published in Koinex Crunch on Medium, where people are continuing the conversation by highlighting and responding to this story.

At Koinex, our primary focus, be it while listing or delisting a coin, is always centred on doing rigorous research into various aspects of the project. Even if a certain project seemed promising at the time we listed it, when it no longer meets the expected standards, we conduct a comprehensive review and potentially delist the coin.

In response to the ‘#delistBSV movement’ lead by Binance, Kraken and other major exchanges across the globe, and our own research into the whole scenario, we have decided to delist Bitcoin Cash SV [BCHSV] from our exchange and Express platforms. Here are a few factors that we considered during our review:

• Responsiveness of the team behind the project
• Progress in the developmental activities
• Stability of the network and the smart contract
• Evidence of malicious practices
• Team’s official announcements

Also, our team paid due attention to our user’s feedback and the considerable support for the movement further accelerated our decision to go ahead with the delisting.

Please note:

• The deposits for BCHSV will not be processed after 11:59 PM IST on 27th April 2019
• The token(s) will not be tradable on Koinex exchange from 11:59 PM IST on 4th May 2019.
• We have also stopped trading operations on Express, our instant crypto-to-crypto converter as BCHSV[also known as BSV] has been delisted from major international exchanges.
• Post the deadline, all orders on the order book will be cancelled automatically and tokens will be returned to their respective Koin wallets.
• You can withdraw your tokens till 11:59 PM IST on 11th May 2019

[Note: Post the deadline, users will NOT be able to withdraw tokens as we will be shutting down all the operations of the delisted token.]

Please manage your activities as per the details of the delisting process for BCHSV. We thank you for your continued support in our quest to provide the best trading experience to the crypto community in India. Happy trading!

Bitcoin Cash SV[BCHSV] delisting announcement was originally published in Koinex Crunch on Medium, where people are continuing the conversation by highlighting and responding to this story.

At Koinex, our focus has always been to introduce the Indian crypto community to promising projects that are loved by the communities from around the globe. While you may have noticed that we have delisted a number of tokens that had previously shown promise, our focus is now firmly on placing a spotlight on projects that have demonstrated quality and direction with regards to the use of blockchain technology. One of the projects that can boast both talented developers and an enthusiastic community is Decentraland (MANA).

What is Decentraland?

Decentraland is an open-source interactive portal where users can buy, sell and use virtual land for building activities. MANA is the underlying token for buying land and using other services that the platform has to offer. Being an ERC-20 token, the permanent record of the ownership is stored on the Ethereum blockchain. The platform also allows users to create content and applications, as well as experience and monetize them. The 3D interactive world can be experienced via VR devices or directly through the browsers.

The team behind Decentraland

The core team behind the project consists of 2 core members and a board of 5 advisors. Decentraland also has partnerships with prominent players like Samsung, Aragon, district0x and imToken.

Market Cap and Global acceptance of MANA

According to the data from CoinMarketCap, as of 10th April 2019, the circulating supply for the token is at 1.05 billion MANA and the total supply stands at 2.64 billion MANA. The market cap stands at around 60.7 million USD and the current price is at approx. 0.057 USD. The token has also made it to the list of top 100 coins by market cap.

When can you start trading with the token?

The deposits for the MANA token will be live on 17th April 2019 at 3:30 PM IST and the trading will commence on 18th April 2019 at 5:00 PM IST.

We are very excited by the addition of a new member to our troupe. Stay tuned to our social media handles for further updates. Thank you for your continued support!

Welcoming Decentraland(MANA) token to the roster was originally published in Koinex Crunch on Medium, where people are continuing the conversation by highlighting and responding to this story.

We have been delivering the best results possible for the tokens listed on our exchange. It has come to our notice that a few tokens from the 32 currencies listed are no longer viable to maintain. Which is why we will be delisting the following 6 tokens: Achain [ACT], CyberMiles [CMT], GAS [GAS], Nano [XRB], NEO [NEO] and Zcoin [XZC]. The delisting will help us to filter the coin cluster to list more popular coins in the future for you.

Why are we delisting these tokens?

• Lack of volumes on Indian exchanges for these tokens have resulted in low liquidity for trading activities.
• The frequent node downtimes of a few tokens have created multiple issues for withdrawals and deposits.
• We have received a multitude of tickets against these tokens where users have voiced their concerns regarding the long-trading wait time.
• Additionally, the community support for these coins has decreased significantly from the past few months.

These inconveniences have caused delays in trading, and the listing of these tokens no longer seems feasible. As we care about serving the best for our users we have decided to clean our token cluster and delist the mentioned ( NEO [NEO], GAS [GAS], Achain [ACT], Nano [XRB], Zcoin [XZC] and CyberMiles [CMT] ) tokens.

Details:

• The deposits of all the delisted tokens will not be processed after 23: 59 IST, 11th April 2019.
• These tokens will not be tradable on Koinex exchange as well as Express, our instant crypto-to-crypto converter from 23:59 IST, 17th April 2019 onwards.
• 18th April 2019 ONWARDS all orders on the order book will be cancelled. Tokens will be returned to their respective Koin wallets. [Example: If you have placed a sell order for 100 ACT tokens, after 18th April the order will automatically be cancelled and 100 ACT will be deposited to your respective ACT Koin wallet.]
• You can withdraw your tokens till 23:59, 23rd April 2019. [Note: Post the deadline (23:59, 23rd April 2019), users will NOT be able to withdraw tokens as we will be shutting down all the operations of the delisted tokens.]

We are constantly focusing on providing the best trading experience to the crypto community in India. The delisting of these tokens helps us to improve the quality standards of the tokens we trade on our exchange.

We request all users to take note of the delisted coins to manage their activities accordingly. We thank you for your support!

Filtering the cluster: Delisting NEO, GAS, Achain, NANO, Zcoin & CyberMiles was originally published in Koinex Crunch on Medium, where people are continuing the conversation by highlighting and responding to this story.

A few changes conveyed by the Tron team for Tronics

As mentioned in our prior announcement, Koinex will provide support for the upcoming BitTorrent airdrop which will be held on 11th April 2019. We will be distributing the tokens to all the eligible users in the ratio provided by the Tron/BitTorrent team at the time of the airdrop.

We have been notified by the Tron team that the third airdrop eligibility criteria is different from the previous two airdrops held on 11th February and 11th March 2019.

How am I eligible for BTT airdrop?

• Only wallet addresses with minimum 100 TRON [TRX] balance are qualified for the BTT airdrop.
• The snapshot will be taken at 00:00 UTC on 11th April [5:30 AM IST]. Users need to hold minimum 100 TRX tokens before the snapshot to be eligible for the airdrop.

(Note: The airdrop will be credited to the respective BTT Koin wallets in 4–5 working days. )

The BTT airdrop will distribute 990,000,000 $BTT across all the BTT supportive exchanges.

We request you to keep your TRX in your wallet for a few days, to ensure the smooth sail of the airdrop. In addition to this, we also have BTT/INR trading pair for trading flexibility. Thank you for your support!

TRON — BTT update, all you need to know about the April airdrop! was originally published in Koinex Crunch on Medium, where people are continuing the conversation by highlighting and responding to this story.

An initiative by the community, for the community

At Koinex, our key focus has always been on designing products that have a lasting impact on the community. As you may have garnered from our series of product releases, the Koinex Delta Framework is focused on providing a range of products that encompasses all spheres of community, blockchain and digital assets. After releasing Koinex Express and EOS Pulse, which are our first two products under the #KoinexUnfolds campaign, we are triply excited to bring to you our third product — The First Block. ‘The First Block’ or ‘TFB’ is our community-driven initiative with the focus to create a platform where everyone comes together to voice their opinions about the fast-evolving blockchain space.

“The greatness of a community is most accurately measured by the compassionate actions of its members.” — Coretta Scott King

Like with any technology, the success of blockchain technology also rests on the community. We felt that while there are many players who are doing a great job at pushing out news from the space, writing blogs, and podcasting, there are very few community-driven platforms which are a one-stop solution for all these segments.

“Education leads to transformation and transformation leads to a revolution”

— Anonymous

What Satoshi Nakamoto did when he created the genesis block for Bitcoin was not just the advent of another technological innovation, but also the ignition of a revolution, a movement so big that it had the potential to change the fabric of societies and businesses. To pay homage to such a brilliant and game-changing idea, we named our initiative — The First Block.

This inspiration helped us in deciding the key focus areas for our resource portal. While we will add many more segments as we go forward, let’s take a deeper look into the sections that we are starting with.

Podcasts

Part of the community behind any technology are brilliant minds that are silently shaping the future of the industry. To bring such projects and individuals to the limelight, we started ‘The First Block podcast’ — a weekly podcast that features conversations with some of the brightest minds in the world of cryptocurrencies and blockchain technology. This segment will have interviews with entrepreneurs, researchers, investors, academicians and enthusiasts from around the globe.

News

While thinking of this segment, we realised that there are many players in this space who are doing an excellent job of covering all the key happenings. The need of the hour is a platform that has all the important news in a digestible format for instances when you don’t have the time to read the whole article. Our ‘News’ section will consist of summaries of handpicked news from the world of blockchain and distributed ledger technologies sourced from top news portals.

TFB Blogs

This segment is divided into ‘Exclusive’ and ‘Explains’ sections, each with a distinct character of the views expressed. Aimed at awareness, discovery and education, the two sections combined form a complete resource.

Exclusive

As avid readers, we regularly come across important events in the blockchain universe that don’t receive the justified attention. Such topics are often covered on social media platforms but lack in-depth analysis. To bridge this gap, we have added the ‘Exclusive’ section, which will be dedicated to providing holistic coverage for such instances. This section will be a collaboration of investigations, opinions, and exclusives from all over the blockchain and cryptoverse.

Explains

Being a constantly evolving space, the world of blockchain has a never-ending list of concepts and terminologies that are introduced in a very short span of time. As the name suggests, this segment is specially designed to give in-depth explanations of the various terminologies and concepts that a reader might come across while exploring this space. Each topic in this section is meticulously written to elucidate any topic in the most reader-friendly fashion and is meant to give readers all the information that they might need on a particular topic.

Crosswords

This section of the website focuses on providing quick and cryptic puzzles meant to tickle your brains with terminologies in the world of distributed ledger technology. This can be a perfect fun-filled way for you to check your knowledge of crypto and blockchain buzzwords.

Gags

Who doesn’t like a good laugh? Our gags section is specially designed to give you a funny outlook of the events that you might experience in the world of blockchain and cryptocurrencies.

Newsletter

Never miss key updates from the blockchain and cryptoverse! Sign up to our newsletter and get a weekly recap of the top stories, podcasts, and blogs from TFB.

The First Block is a stage where people from all roles in the crypto and blockchain community can come together with like-minded individuals who have a common passion for distributed ledger technology and voice their opinions on various facets of decentralisation. It truly represents our slogan ‘Code meets Consensus’ and is the genesis of a community-driven effort towards educating the masses about the amazing potential of distributed ledger technology.

We are excited by the prospects that this initiative presents and we invite all our fellow believers in blockchain to join us as we explore the depths that a decentralised future has to offer. If you think you can contribute in any way or form to The First Block, reach out to us at contribute@thefirstblock.live.

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Introducing The First Block- Where Code Meets Consensus was originally published in Koinex Crunch on Medium, where people are continuing the conversation by highlighting and responding to this story.