- Koinex found it difficult to pay its employees as well as meet the operational costs.
- The shutdown comes in the wake of an alleged bill to ban cryptos entirely in the Indian space.
The regulatory state in India continues to make it difficult for cryptocurrency businesses to operate efficiently. At the time of writing, another crypto exchange company, Koinex has announced that it is closing business in India due to the lack of regulatory clarity from the local authorities.
The closure announcement was made via a blog post with regards to the proposed bill on banning cryptocurrencies entirely from the Indian space. The blog post reads:
“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 after duly considering all the latest developments in the crypto and blockchain industry in India.”
Koinex claims that the thin profits it has been realizing also made it difficult to pay its staff as well as keep operations going due to increasing costs.
Share
