• About
  • FAQ
Newsletter
BlockBar
  • Home
  • About
    • Advertise
    • Contact Us
    • FAQ
    • Sitemap
  • News
    • Blockchain
    • Bitcoin
    • Ethereum
    • Business
    • Guides
  • Bitcoin
  • Blockchain
  • Business
    • Press Release
    • Market
    • Exchanges
    • Regulation
  • Ethereum
  • Press Release
  • Sitemap
No Result
View All Result
  • Home
  • About
    • Advertise
    • Contact Us
    • FAQ
    • Sitemap
  • News
    • Blockchain
    • Bitcoin
    • Ethereum
    • Business
    • Guides
  • Bitcoin
  • Blockchain
  • Business
    • Press Release
    • Market
    • Exchanges
    • Regulation
  • Ethereum
  • Press Release
  • Sitemap
No Result
View All Result
BlockBar
No Result
View All Result
Home Regulation

India’s Biggest Crypto Exchange, Koinex, Shuts Down By Uncertainty Policy

Mo Chou by Mo Chou
June 30, 2019
in News, Politics, Regulation
0
India’s Biggest Crypto Exchange, Koinex, Shuts Down By Uncertainty Policy
191
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

(BlockBar) According to Rahul Rj, Koinex co-founder and CEO, It was already difficult for them since the central bank’s earlier ban of financial institutions support on cryptocurrency companies, and it made them even harder because of India’s unclear cryptocurrency regulatory policy.

Shares in Koinex, India’s largest crypto exchange, fell sharply after the announcement, with BTC trading at $4,795.95 and the remaining 26 digital currencies trading against the Indian rupee falling by an average of about 50 per cent.

Related articles

Bakkt Tests Its Bitcoin Future Contracts and Expected to  be Online by September

Bakkt Tests Its Bitcoin Future Contracts and Expected to be Online by September

August 1, 2019
The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

August 1, 2019

The Indian government is discussing the Prohibition of Crypto and Officially Regulated Digital Currency 2019 Act. The bill stipulates that “holding, buying, and selling digital currency such as bitcoin is a criminal offence, and the penalty is very severe, and can be sentenced to 1 to 10 years in prison.”

When bitcoin crossed the 10,000 USD mark, the premium for bitcoins traded on Zebpay, India’s largest exchange, was more than $400 for BTC/USDT and BTC/INR. Perhaps it is India’s policy restrictions that have sharply reduced the number of ways to buy bitcoin. Traders faced with scarcity on channels and demand rising when price of BTC soaring. Zhao changpeng, CEO of BInance coin, tweeted that the country’s decision to ban cryptocurrencies will only drive more people to cryptoassets.

Koinex’s trading volume grew rapidly in the bull market of 2017, topping $265 million. However, after the announcement of the central bank, more and more domestic users choose to use overseas platforms. In addition, Koinex’s bank accounts have been shut down, storing large amounts of user money, and the exchange had to close because of the pressure on its operating costs. It is worth noting that Koinex is not the only exchange that has opted out due to unclear policy. Coindelta, Coinome and Zebpay all exited India market.

Mo Chou

Weekend is the most representative female writer in the blockchain industry. She is known for her keen news capture ability and is good at English writing of blockchain news in the Chinese region.

Tags: cryptocurrencydownexchangeindiankoinexshuts
Share76Tweet48

Related Posts

Bakkt Tests Its Bitcoin Future Contracts and Expected to  be Online by September

Bakkt Tests Its Bitcoin Future Contracts and Expected to be Online by September

by Mo Chou
August 1, 2019
0

(BlockBar) The Bakkt, a Bitcoin Futures Exchange, is now testing Bitcoin future contracts and is expected to be officially online...

The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

by Mo Chou
August 1, 2019
0

(BlockBar) Bitcontinental's head of operations in Russia says the waiting time for Bitmain’s hardware increased this year, with the launch...

Ripple Asks US Congress to  Treat Cryptocurrency Industry Fairly

Ripple Asks US Congress to Treat Cryptocurrency Industry Fairly

by Mo Chou
July 31, 2019
0

(BlockBar) On July 28, Ripple, the Block Chain Payment Network, submitted an open letter to U.S. regulators, hoping to hold...

2020 Presidential Candidate John McAfee Back in Jail Hours After Release in Dominican Republic

2020 Presidential Candidate John McAfee Back in Jail Hours After Release in Dominican Republic

by Mo Chou
July 31, 2019
0

According to cointelegraph, bitcoin supporter and 2020 presidential candidate John McAfee returned to prison last week, a day after his...

AlipayHK Usable Nationwide Regarded as  Libra Project in China

AlipayHK Usable Nationwide Regarded as Libra Project in China

by Mo Chou
July 30, 2019
0

(BlockBar) AlipayHK, Alipay Hong Kong version, has got the permission to be used nationwide. AlipayHK was launched in May 2017,...

Load More
  • Trending
  • Comments
  • Latest
Andrew Yang Pro Crypto

Presidential Contender, Andrew Yang States Crypto Framework In The U.S. Is Unclear, Unfair

May 17, 2019
Trump’s Advisor Is Urged to Promote Blockchain

Trump’s Advisor Is Urged to Promote Blockchain

June 1, 2019
David Schwartz Defends XRP Over Bitcoin, Drags Into An Online Debate

David Schwartz Defends XRP Over Bitcoin, Drags Into An Online Debate

June 10, 2019
Bitcoin Futures

Vancouver Puts A Ban On Bitcoin ATMs

June 10, 2019
Bakkt Tests Its Bitcoin Future Contracts and Expected to  be Online by September

Bakkt Tests Its Bitcoin Future Contracts and Expected to be Online by September

0

China Is Reportedly Moving To Clamp Down On Bitcoin Miners

0

Inside the Chinese Bitcoin Mine That’s Grossing $1.5M a Month

0

All You Need to Know About This Whole SegWit vs. SegWit2x Thing

0
Bakkt Tests Its Bitcoin Future Contracts and Expected to  be Online by September

Bakkt Tests Its Bitcoin Future Contracts and Expected to be Online by September

August 1, 2019
The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

The Importer of Bitmainland Mining Machines is Facing a Criminal Investigation in Russia

August 1, 2019
Monetary Authority of Singapore Warns of New Bitcoin Scam by Forged Statement

Monetary Authority of Singapore Warns of New Bitcoin Scam by Forged Statement

August 1, 2019
Ripple Asks US Congress to  Treat Cryptocurrency Industry Fairly

Ripple Asks US Congress to Treat Cryptocurrency Industry Fairly

July 31, 2019
BlockBar




Blockbar specializes in blockchain and cryptocurrency related reports, and our goal is to become the world’s leading news gateway for blockchain cryptocurrencies.





News Categories

  • Banking
  • Bitcoin
  • Blockchain
  • Business
  • Education
  • Ethereum
  • Exchanges
  • Guide
  • Market
  • News
  • Opinion
  • Politics
  • Press Release
  • Regulation
  • Reviews
  • Security

Got a tip? Feel free to let us know!

Newsletter

  • About
  • FAQ
  • Contact Us

© 2019 BlockBar. All Rights Reserved.

John Danie
John Danie

John Danie is a highly experienced marketing strategist and businessman in the blockchain industry who likes the pace of the development of cryptocurrency, especially in blockchain technology where it can move so fast. Being a fintech writer and crypto reporter with a fascination for tech and a passion for starting interesting conversations, he seeks to create authentic news stories in the industry.

No Result
View All Result
  • Home
  • About
    • Advertise
    • Contact Us
    • FAQ
    • Sitemap
  • News
    • Blockchain
    • Bitcoin
    • Ethereum
    • Business
    • Guides
  • Bitcoin
  • Blockchain
  • Business
    • Press Release
    • Market
    • Exchanges
    • Regulation
  • Ethereum
  • Press Release
  • Sitemap

© 2019 BlockBar. All Rights Reserved.