Koinex has been forced to shutter its services due to the Reserve Bank of India (RBI) restrictions
|- Many crypto related businesses in India can not feasibly operate given the restrictions set up from the RBI.
- Koinex is the latest victim due to the ban on banking relationships for crypto firms.
The strict clampdown from the Indian central bank is further forcing businesses to close up shop, given the tightening of room to move.
Cryptocurrency exchange Koinex has been forced to shutter their services, given the ban on all banking relationships for crypto firms in India. It was ordered by the Reserve Bank of India (RBI) in April 2018 – making it very much unfeasible to continue with normal business.
The exchange said:
We have consistently been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of digital assets. Even for non-crypto transactions like payment of salary, rent and purchase of equipment, our team members, service providers and vendors have had to answer questions from their respective banks — just because of an association with a digital assets exchange operator.
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