Yet another Indian Crypto Exchange Shutdown news has again debilitated the Crypto Market in India

Must Read

Basic Attention Token to be Available on Gemini Platform Shortly

Gemini announces the support for Basic Attention Token (BAT) trading on its platform. This is to offer...

Ethereum Classic (ETC) Finally Able To Cross The Level Of $5.20, Seeking Stability

ETC prices are in a positive position and it did acquire a resistance level of $5.30 but unable...

Darknet Found Selling Face Masks in Return For Bitcoin

Darknet websites have gained momentum faster than ever in the present. With the ongoing crisis of the coronavirus...
0
Zaryab Afser
A stock market trader, a blogger , a cryptocurrency enthusiast ... Awareness of proper trend and Action at the correct time are the 2 most imperative tools to succeed in the crypto world. He will undoubtedly provide you with the first tool. Moreover he ensures that his readers never miss any data or news of the crypto world that might end up shifting your trade to the zenith of its glory. Cheers.

It might turn out to be bad news for a majority of the millennials because it might reveal the debilitating aspects of the crypto market in India. Since the majority of the population is yet not much convinced with this whole idea of cryptocurrency and changes in the deep-rooted financial system’s ordeals which resulted in late arrival of crypto in our country.

Advertisement


This might be the reason why even after crypto has found a place in this country, the cryptocurrency exchanges don’t seem to survive long here.

India has already witnessed the closure of many crypto exchanges like Coindelta, Coinome, and Zebpay. But unfortunately, it witnessed one more recently.

The Indian cryptocurrency exchange Koinex has officially announced that it will be closing its operations from now on. When asked about further details, it said its increasingly difficult to work in an environment where there is minimal support from the bank as well as regulatory uncertainty in the country.

Co-founder of Koinex, Rahul Raj, wrote on his blog post:

“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,”

As far as the difficulties are concerned, the crypto exchange undoubtedly had to face many of them. They not only faced denials in payment services from banks and payment gateways but also witnessed enormous blockages of transactions for trading the cryptocurrencies.

Keeping these major concerns in mind, Raj further wrote in his blog post:

“Multiple delays by the government agencies in clarifying the regulatory framework for cryptocurrencies despite our pending writ petition in the Supreme Court of India, coupled with regular disruption in our operations, the final decision has been taken.”

Hot News

Basic Attention Token to be Available on Gemini Platform Shortly

Gemini announces the support for Basic Attention Token (BAT) trading on its platform. This is to offer the ability to deposit BAT...

Ethereum Classic (ETC) Finally Able To Cross The Level Of $5.20, Seeking Stability

ETC prices are in a positive position and it did acquire a resistance level of $5.30 but unable to maintain it. Prices also...

Darknet Found Selling Face Masks in Return For Bitcoin

Darknet websites have gained momentum faster than ever in the present. With the ongoing crisis of the coronavirus pandemic researchers on April, 6. ...

TRON (TRX) Massive Upsurge In The Prices, Bulls Are Setting Levels High

Tron is performing impressively with a positive trade with a gradual climb towards the bullish zone. TRON acquired a heavy bullish momentum after...

Cardano (ADA) Finally Breaks The Resistance level of $0.03240 After Suffering Volatility

Cardano ADA price manages to climb above the resistance level of $0.03240 There is an impressive gain of 5.46% in the prices and...

Tezos (XTZ) Price Analysis: Overall Bullish Market Gives Hope To Tezos Coin Price

Tezos is finally back in action with a significant positive movement upfront. The altcoin is having an overall gain of 4.60% with the...

Partners

Ethereum Classic (ETC) Finally Able To Cross The Level Of $5.20, Seeking Stability

ETC prices are in a positive position and it did acquire a resistance level of $5.30 but unable to maintain it. Prices also...

Darknet Found Selling Face Masks in Return For Bitcoin

Darknet websites have gained momentum faster than ever in the present. With the ongoing crisis of the coronavirus pandemic researchers on April, 6. ...

TRON (TRX) Massive Upsurge In The Prices, Bulls Are Setting Levels High

Tron is performing impressively with a positive trade with a gradual climb towards the bullish zone. TRON acquired a heavy bullish momentum after...

Cardano (ADA) Finally Breaks The Resistance level of $0.03240 After Suffering Volatility

Cardano ADA price manages to climb above the resistance level of $0.03240 There is an impressive gain of 5.46% in the prices and...

RELATED NEWS

Basic Attention Token to be Available on Gemini Platform...

Gemini announces the support for Basic Attention Token (BAT) trading on its platform....

Ethereum Classic (ETC) Finally Able To Cross The Level...

ETC prices are in a positive position and it did acquire a resistance...

Darknet Found Selling Face Masks in Return For Bitcoin

Darknet websites have gained momentum faster than ever in the present. With the...