Koinex, an Indian crypto exchange that permanently halted all services related to the trading of digital assets amid regulatory unclarity, has partnered with another exchange to access their assets. Users whose assets were deposited with the now-defunct Koinex exchange can now get assistance through CoinDCX. Before shutting down operations, Koinex had recorded over $265 million (roughly Rs. 2,199 crore) in trading volume. CoinDCX says it has set up a desk to assist former Koinex members access their funds and transition onto its platform.
The now-defunct crypto exchange has signed a Memorandum of Understanding (MoU) with CoinDCX to help its existing one lakh users to access their assets through the latter platform, the latter announced via a blog post on Tuesday.
For Koinex users, who had completed their KYCs before 2018, their transition onto the CoinDCX platform will be automatic. As far as the others are concerned, they will be required to complete their KYC through CoinDCX to access their funds that were saved on Koinex.
“Koinex faced an unfortunate closure. During the shutdown process, we provided a reasonable window for users to withdraw their assets. For those users who were unable to do so, this is the best opportunity to associate with CoinDCX,” said Koinex founder Aditya Naik.
The exchange resorted to pulling down the shutters over its operations in April 2019 after the RBI officially directed all regulated financial services entities to exit relationships with companies and individuals dealing in virtual currencies and block all such crypto-related transactions.
Both Koinex and CoinDCX have said that their aim is to ensure that India’s crypto community continues to grow despite ongoing challenges.
i’m looking forward to seeing the progress this year!
— Ryan Selkis (d/acc) :us: (@twobitidiot) February 9, 2024
CoinDCX Co-Founder Neeraj Khandelwal claims that the firm’s self-custodial Okto wallet will find a mention on the blockchain adoption report by market intelligence firm Messari’s by Q3 2025. Khandelwal’s post got the attention of Messari CEO Ryan Selkis. CoinDCX launched its Okto wallet in August 2022.
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