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Crypto exchange Koinex shuts down “after months of uncertainty and disruption”

Cryptocurrency exchange Koinex announced that it has decided to shut down all digital assets exchange services and operations today, "after months of uncertainty and disruption". Rahul Raj, its co-founder and CEO, wrote in a blog post: "The digital assets trading services will be permanently disabled on all our platforms at 2.00 PM IST on Thursday, June 27, 2019. All open orders after this deadline will be automatically cancelled and the funds will be returned to corresponding wallets. Users are requested to plan their trading activity carefully and close their trade positions. A snapshot of the wallet balances at this time will be taken for record, and the effort to disburse INR balances will begin immediately." Digital assets wallets would continue to be functional, and users would be required to withdraw all funds from the platform before 9 pm on July 15, he added. Failing to do so could result in forfeiture of their funds if Koinex was unable to keep the wallet function alive after the July 15 deadline. Raj wrote that since the bank accounts with users' funds are still frozen, "we have made arrangements for funds from our own resources, so that we return as much as we possibly can, back to our users". Over the next 5 weeks, he wrote, Koinex will attempt to release all user deposits to their bank accounts after levying a convenience fee (between Rs 10 and Rs 2,000, depending on the INR wallet balance). He said the company was doing this voluntarily, and had no…

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