One of India's largest cryptocurrency exchange operators, Koinex, has announced closure due to regulatory uncertainty.
Koinex was set up in the summer of 2017 and began digital assets exchange services on August 25, 2017. The exchange had $265M in trading volume and onboarding 40K+ new users in 24 hours at a peak in the month of December
"After months of uncertainty and disruption, we have regretfully decided to shut down all exchange services and operations from 27th June,2019," states the announcement on the exchange's main page.
According to Rahul Raj, the Co-founder of Koinex, all open orders will be automatically canceled and the funds will be returned to corresponding wallets. Users are requested to plan their trading activity carefully and close their trade positions, Raj added.
Earlier this year, iHodl reported the Indian authorities were working on the development of a bill aimed at banning cryptos in the country.
At press time, the question about crypto regulation in India remains uncertain.
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