CoinDCX Partners with Defunct Crypto Exchange Koinex to Provide Access for its Users
CoinDCX has partnered with Koinex, an Indian cryptocurrency exchange that ceased all trading operations due to regulatory uncertainties, to enable the platform’s users to access their assets.
In a Tuesday announcement, CoinDCX said it has struck a Memorandum of Understanding (MoU) deal with Koinex, allowing its 100,000 users to retrieve their funds through the CoinDCX platform.
For those Koinex users who completed their Know Your Customer (KYC) procedures before 2018, the transition process to CoinDCX will be seamless.
However, users who did not complete their KYC requirements on Koinex will need to fulfill them on the CoinDCX platform to regain access to their funds.
During the shutdown process, Koinex provided users with a window to withdraw their assets.
However, some users were still unable to withdraw their assets.
This collaboration presents a crucial chance for users who were unable to do so to associate with CoinDCX and retrieve their funds.
Koinex halted its operations in April 2019 after the Reserve Bank of India (RBI) issued directives to regulated financial services entities, mandating them to sever ties with crypto-related businesses and individuals and block any virtual currency transactions.
When we were just starting CoinDCX, one company that really stood out was @koinexindia founders, phenomenal execution—that quickly gained market share during the 2017 market rally. Unfortunately, they had to shut down due to regulatory uncertainties, a fate many businesses… pic.twitter.com/J8Tydi98xO
— Sumit Gupta (CoinDCX) (@smtgpt) February 13, 2024
CoinDCX’s Co-Founder, Neeraj Khandelwal, shared his optimism about the future of the platform.
He mentioned that CoinDCX’s self-custodial Okto wallet is anticipated to be featured
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