Altcoin News: In India, Under Pressure from the Authorities, the Largest Surviving Crypto Exchanges Is Closing

June 27, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Indian cryptocurrency exchange Koinex on Thursday announced its closure. As reasons for the decision, they pointed out problems with the support of banking services and legal uncertainty in the country.

“After months of uncertainty and disruption, we have regretfully decided to shut down all digital assets exchange services and operations today. It is, without a doubt, a sad day for all digital assets and blockchain enthusiasts in India and we can’t express in words how hard it’s been for us to make this decision,” they write in their Medium blog.

According to Koinex, payment companies and banks refuse to provide their services to it and block transactions related to the exchange of cryptocurrencies.

In the middle of last year, the Reserve Bank of India banned financial institutions of the country to meet the needs of companies operating in the field of cryptocurrency. Since then, several exchanges have tried to challenge this decision, but the case is still pending in court. The next hearing is due in July.

The representative of the exchange also said that previously published news that users of cryptocurrency in India could face up to 10 years in prison, caused panic in the local community and led to a sharp decline in trading volumes.

Previously, several cryptocurrency exchanges went along a similar path in India, including Coindelta, Coinome, and Zebpay, all of which have closed in recent months.

Author: Marko Vidrih