Koinex shutdown announcement — Termination of exchange services

All good things come to an end. It’s just sooner than expected

Rahul Raj
Rahul Raj
Jun 27 · 6 min read

Quick background and history

We set up Koinex in the summer of 2017 and began digital assets exchange services on August 25, 2017. As the first open order-book, fully KYC compliant, multi-asset exchange, we opened the world of blockchains to India, bridging all gaps in trading compared to international counterparts. Within 4 months of operations, Koinex became India’s largest and favourite digital assets exchange — recording $265M in trading volume and on boarding 40K+ new users in 24 hours at peak in the month of December. Koinex also became India’s fastest growing startup to see such metrics and an ultra-quick profitability.

Why the decision to shut down Koinex

The last 14 months have been tough to operate a digital assets trading business in India, on account of the closure of bank accounts holding user deposits. We took on immense financial burden to continue trading of digital assets and allow law-abiding Indians to participate in the decentralized revolution that has swept across the globe. Multiple delays by the government agencies in clarifying the regulatory framework for cryptocurrencies despite our pending writ petition in the Supreme Court of India, coupled with regular disruption in our operations, the final decision has been taken after duly considering all the latest developments in the crypto and blockchain industry in India. We have stayed away from disclosing details to the public in the larger interest of mindfully steering the industry towards positive regulations, but unfortunately we’re not too hopeful that things will change for the better in the near future.

Trading services and operations on all Koinex platforms will be permanently disabled at 2.00 PM IST on Thursday, June 27, 2019. In case of any queries, users are requested to visit the FAQ page on our website — which contains all frequently asked questions and will answer most of the queries. Users can also raise a support ticket directly from the FAQ page.

Koinex Crunch

Koinex Crunch is the official publication of Koinex, dedicated to the Blockchain technology space in India. We have an ever-growing readership of a dedicated community of crypto enthusiasts, traders and techies.

Rahul Raj

Written by

Rahul Raj

Co-founder, Koinex | Fueling blockchain powered internet in India

Koinex Crunch

Koinex Crunch is the official publication of Koinex, dedicated to the Blockchain technology space in India. We have an ever-growing readership of a dedicated community of crypto enthusiasts, traders and techies.