CoinDCX and Koinex, two of the leading crypto exchanges in India, have announced a strategic merger to propel crypto adoption in the country amid regulatory hurdles. The partnership aims to provide a seamless transition for the existing Koinex users to access their assets through the CoinDCX platform, and to offer a robust and secure crypto ecosystem for the Indian users.
CoinDCX and Koinex: A Win-Win Situation
CoinDCX and Koinex are two of the most prominent and innovative crypto exchanges in India, with a combined user base of over 1.5 million. CoinDCX is registered with India’s Financial Intelligence Unit (FIU) and offers a variety of crypto products and services, such as spot trading, margin trading, futures trading, lending, staking, and more. Koinex, on the other hand, was launched in 2017 and was one of the first exchanges to introduce peer-to-peer (P2P) trading in India.
However, both the exchanges faced challenges and uncertainties due to the regulatory environment in India, which has been hostile and unclear towards the crypto industry. In 2018, the Reserve Bank of India (RBI) issued a circular that prohibited banks and financial institutions from dealing with crypto-related businesses and individuals. This resulted in a liquidity crunch and operational difficulties for the crypto exchanges, and many of them had to shut down or relocate.
Koinex was one of the victims of this regulatory clampdown, and announced its closure in April 2019. The exchange provided a reasonable window for its users to withdraw their assets, but some of them were unable to do so due to various reasons. CoinDCX, on the other hand, managed to survive and thrive despite the regulatory challenges, and became one of the fastest-growing and most trusted crypto platforms in India.
The merger between CoinDCX and Koinex is a win-win situation for both the parties, as it allows them to leverage each other’s strengths and resources, and to provide a better and safer experience for the users. CoinDCX will help the existing Koinex users to access their assets through its platform, and will also offer them a range of crypto products and services to suit their needs and preferences. Koinex, on the other hand, will benefit from CoinDCX’s compliance and security standards, and will also be able to tap into CoinDCX’s global network and partnerships.
Seamless Transition and Dedicated Support for Koinex Users
The merger between CoinDCX and Koinex ensures a seamless and hassle-free transition for the existing Koinex users to access their assets through the CoinDCX platform. The transition process is simple and straightforward, and does not require any additional fees or charges.
For the Koinex users who had completed their KYC verification before 2018, their assets will be automatically transferred to the CoinDCX platform, and they will be able to access them using their existing Koinex credentials. For the Koinex users who require KYC verification or have mismatching details, they will have to complete a simple onboarding process on the CoinDCX platform, and provide their KYC documents and bank details. Once the verification is done, they will be able to access their assets on the CoinDCX platform.
To provide personalized assistance and support, CoinDCX has established a dedicated customer support desk for the Koinex users. The support desk will be available 24/7 via email, phone, and chat, and will help the users with any queries or issues they may face during the transition process. The support desk will also provide guidance and education on how to use the CoinDCX platform and its features.
Commitment to the Crypto Community and Ecosystem Growth
The merger between CoinDCX and Koinex is not only a business decision, but also a commitment to the crypto community and ecosystem growth in India. Both the exchanges share a common vision of fostering crypto adoption and innovation in the country, and empowering the users with the benefits and opportunities of the crypto space.
The merger also reflects the resilience and optimism of the crypto industry in India, which has been facing regulatory uncertainties and challenges for a long time. Despite the RBI ban, the crypto exchanges and users have been fighting for their rights and interests, and have been seeking clarity and legitimacy from the authorities. The Supreme Court of India is currently hearing a case challenging the RBI circular, and the outcome of the case is expected to have a significant impact on the future of the crypto industry in India.
CoinDCX and Koinex are hopeful and confident that the crypto industry in India will overcome the regulatory hurdles and thrive in the long run. They are also open to further partnerships and collaborations with other players in the ecosystem, to create a more conducive and supportive environment for the crypto community in India.