Cryptocurrency exchange koinex shut down in india

[BlockchainMentors]

Koinex's inability to operate in India is not the acceptance of digital currency by its people, why is it that people are still afraid to adopt it, but it is legal in many countries
Can anyone tell?

[Upgrade00]

why is it that people are still afraid to adopt it, but it is legal in many countries
Can anyone tell?

It is the government who doesn't want the people to properly use Bitcoin. The citizens are willing to use it and India is a nation where Bitcoin and crypto is very popular.
The reason some governments are scared to not allow free usage of cryptocurrencies; they cannot control it.

[qwertyup23]

Koinex's inability to operate in India is not the acceptance of digital currency by its people, why is it that people are still afraid to adopt it, but it is legal in many countries
Can anyone tell?

Based on the information that I have gathered, Koinex shutdown due to regulatory problems conflicting with their government's views. Even if people in India support and adopt the use of cryptocurrencies in their daily lives, the exchange had to comply with the strict implementations that ultimately led to their shutting down.

I just hope that despite this, people in India would not feel dismayed about this. Though this may be the case, they can still utilize and use different exchanges available that is outside their country.

[Haunebu]

Wrong. Many Indians buy and sell cryptocurrencies on a regular basis in India even though their pathetic government doesn't support BTC and other popular cryptocurrencies since they cannot control them effectively.

Koinex isn't really a popular crypto exchange to begin with. There are many other great alternatives available(Domestic and International).

[noorman0]

Just heard about this exchange, I don't think they are a big brand.
The apparent reason is India's inconsistent regulations (imo). Centralized exchanges should also maintain their reputation by maintaining a policy that is as convenient as possible so as not to be a concern for users at all times. To compensate for competition between local exchanges in the long term, they should have the courage to change bases to avoid regulations that occasionally turn against like that or they will find it difficult to develop.

[coolcoinz]

Indian government is corrupt and they're trying to limit the ability of politicians to launder money. It's like you have a house infested with cockroaches but instead of getting a company to gas the house and kill them you look for the holes they use to move around the house and patch them up with concrete. It's not going to stop if you keep playing around.
India should fix their laws first. It's funny that every time bitcoin is banned somewhere it's due to incompetent government that can't deal with pressing matters and tries to put the blame on something else. Surely it's this big bad bitcoin that's corrupting these politicians and allowing criminals to move money around. We ban bitcoin there will be no more corruption and crime

[Rruchi man]

why is it that people are still afraid to adopt it...

Apart from the fact that the Indian government strongly discourages the use of cryptocurrency, the spread of this sort of news about a cryptocurrency exchange shutting down can still stir up fear and more skepticism in individuals who were already considering giving cryptocurrency a try regardless of the strong government opposition to it in the country.

For you a member of bitcointalk, who knows better and well informed, If you are in India, you should take it upon yourself as a duty to educate anyone you come across that is aware of this news and find it discouraging that they are better options for them in terms of an exchange if they are still interested in cryptocurrency and should not give up. Your little efforts can have a great effect, do not underestimate it.

[ololajulo]

why is it that people are still afraid to adopt it, but it is legal in many countries
Can anyone tell?

It is the government who doesn't want the people to properly use Bitcoin. The citizens are willing to use it and India is a nation where Bitcoin and crypto is very popular.
The reason some governments are scared to not allow free usage of cryptocurrencies; they cannot control it.

Warizx is also an India exchange in that was helped by Binance at launching, as at today it produces over $5million daily trade in the bear. Obviously there are chances that the exchange did nothing about the regulation and was ax. Such exchange in that kind of countries will have option of P2P trade to make more money and establish itself but if he decides not to conform with the regulatory bodies, they wont be trusted and might be attacked even by the media.

[stompix]

Wrong. Many Indians buy and sell cryptocurrencies on a regular basis in India even though their pathetic government doesn't support BTC and other popular cryptocurrencies since they cannot control them effectively.

Even exchangers say something different:
‘We Have Entered a Period of Pain,’ Says WazirX CEO of India’s New Tax Laws
Indian cryptocurrency exchanges lost over 75% monthly trading volumes in last six months

According to data accessed from CREBACO Global, a cryptocurrency research and analysis firm, monthly trading volume on WazirX, which was acquired in November 2019 by Binance, the world’s largest crypto exchange by volume, monthly trading volume plunged from $38.98 million in January to $9.6 million in June 2022, dropping by 75.18 per cent. Zebpay’s monthly trading volumes fell 72.83 per cent from $10.67 million in January to $2.90 million in June, while Bitbns’ trading volumes dropped by over 50 percent from $15.39 million to $7.33 million over the same period.

Koinex isn't really a popular crypto exchange to begin with. There are many other great alternatives available(Domestic and International).

You know Koinex shut down in 2019, three years ago, so it couldn't be really that popular anymore!

[YOSHIE]

Koinex's inability to operate in India is not the acceptance of digital currency by its people, why is it that people are still afraid to adopt it, but it is legal in many countries
Can anyone tell?

I've seen news about the Koinex exchange failing to operate in India, as the CEO of Koinex said below.

The statement meant that all banks in India were forbidden to deal with cryptocurrencies, so users of the platform now faced a daunting task: how would they even get their money if they couldn’t deposit and withdraw it from their own bank?

As the CEO of Koinex, Rahul Raj stated himself on a blog post on Medium; “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.”

To force law-abiding users to have to deal with transactions that their own government is waging a war on is difficult. It meant that Koinex had to find other solutions so that their users could get their money’s worth.

And while there were other payment platforms that worked, Koinex suffered from a constant stream of obstacles like payment denials, closure of bank accounts and disruptions of operations. A very important point to make here is that this also happened for non-crypto transactions such as salary payments, rent, and purchase of equipment.

Why did Koinex fail and shut down?

There are many reasons why the Koinex exchange, closed in India, maybe, other reasons you can see below.

• Crypto Exchange Koinex Falls Prey To India’s War On Cryptocurrency

• Cryptocurrency exchange Koinex shuts down in India

I think some of the reasons above, can make adding your information regarding the Koinex exchange the reason behind all the cases.

[Darker45]

Why are we suddenly talking about an exchange that has long been dead?

Anyway, although I am not really a fan of centralized exchanges, it is sad to hear that one will have to shut down its operation not because it lost liquidity in the middle of a bear market or that it is after all a scam or it is poorly-managed, but because the government itself is smothering it. The government, which is expected to be the primary supporter of innovation and the topmost entity to provide the best business environment, instead becomes the reason for its death.

It's not the people that is afraid of adoption; it's the government.

[2stout]

Not surprising this exchange, any others that come after it, or if there are any existing ones in India were or will be closed.  The government has an outright ban on cryptocurrency, indeed illegal there.

[eaLiTy]

Not surprising this exchange, any others that come after it, or if there are any existing ones in India were or will be closed.  The government has an outright ban on cryptocurrency, indeed illegal there.

This is not true, there is no outright ban on cryptocurrencies in India. Recently the government imposed 30% tax on cryptocurrency and 1% TDS which will be deducted from source even for P2P trading, so obviously the trading volume plummeted in all the exchanges that are forced to follow these direction.

There were raids in WazirX and CoinSwitch Kuber couple of exchanges by enforcement directorate citing money laundering and they have frozen the company assets held in their bank account.