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.
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Crypto Exchange Koinex Falls Prey To India’s War On Cryptocurrency•
Cryptocurrency exchange Koinex shuts down in IndiaI think some of the reasons above, can make adding your information regarding the Koinex exchange the reason behind all the cases.
