The Indian crypto asset exchange Koinex was forced to close down due to problems with the assistance of banking services and legal unclear situation in the country. The news reported via the Koinex blog.
Koinex representatives state that the last 14 months have not been easy to operate a crypto coin trading business in India, on account of the closure of bank accounts holding user deposits.
It is reported that financial institutions and banks refuse to cooperate and block transactions that are related to the exchange of crypto coins.
“We have continuously been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of crypto assets.”
It is also stated that Koinex has even had problems for transactions that have not regarded to crypto coins, transactions as wages and rent payment just because it’s a cryptocurrency exchange.
Restrictions associated with last year’s ban of the Reserve Bank of India, according to which all financial institutions do not have to meet the needs of organisations operating in the field of crypto coins. Since then, some exchanges have tried to dispute the verdict in court. Nevertheless, the proceedings stuck in place.
Koinex is not the 1st Indian exchange to shut down because of the regulatory problems. Coindelta, Coinome, Zebpay and some others had to go the same way.