Koinex is the latest cryptocurrency exchange to fall prey to India’s ban on virtual currencies. Months after delisting several cryptocurrencies, the exchange has shut down its trading services. The exchange has blamed uncertainty as well as disruptions for the unexpected decision.
In an official statement, Koinex says it has always wanted to provide blockchain enthusiasts a reliable way of digital trading assets. The government-instituting ban on cryptocurrencies, according to Koinex management, made it impossible to continue offering crypto trading services. The exchange has since given its customers until July 15 to withdraw all their digital assets from the exchange.
According to CEO Rahul Raj, they could no longer continue to operate in India given the immense financial burden because of stringent regulations. Immediate reports indicate that the government is planning to introduce a new bill that will ban cryptocurrencies completely and propose a jail term for anyone dealing in them.