A few days back another crypto exchange platform decided to call off its operations and the reason this time is straight - Confusion or uncleared stance of the Indian government on the use of crypto coins like bitcoin or any altcoins. Koinex in a blog release stated that they tried their best at every end to protect the platform however, the financial crisis won't let them hold it tighter anymore. The services like depositing any asset or fiat currencies are stopped and the withdrawal is alive till 15 July. So the holders have 17 more days to get their invested money back. Most of the traders are now moving to other exchanges that are offering free services on deposit.
Only a handful of crypto exchanges are left and that is basically dependent on the Peer-2-Peer exchange policy. Localbitcoin, WazirX are some of the exchanges surviving this unfavorable condition in India. From the government perspective, it is a right move to protect the investors, however, these things are hurting more startups in India. People here in India just love crypto because of the anonymity yet transparency of their exchanging or stored assets but the wallet part of this chapter remains doubtful. Even at this time, people are panicking because either the Koinex website is down or not responding due to the traffic, however, one can always switch to their twitter handle to get some support. The withdrawal process is a little bit trickier this time as one needs IVR call confirmation and the problem is that sometimes you don't even get a call from them, you have to go to withdrawals and withdraw by requesting an IVR confirmation call.
In case you don't receive any IVR confirmation call you have to follow the given steps,
- Login to your koinex account.
- Go to your Profile, let it load completely.
- Head to the Balances > Koin Wallet
- Go to your coin and hit the withdrawal link
- Now you will see your requested withdrawal and an option to Resend IVR Call
Note:- You will not get IVR call option if you directly go to your exchange history
To read the full announcement Click here -> https://medium.com/koinex-crunch/koinex-shutdown-announcement-termination-of-exchange-services-bea4a472ea79?postPublishedType=initial