Post Shutdown : Details of INR Balances

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.