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.
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.”