KoinEx India updated alternative solutions for all its users

KoinEx resume deposit limit by charging two percent on every deposit made.

The realm of cryptocurrency is trembling the confidence of people across India. In late 2017, Reserve Bank of India had announced tax regulations for individuals having a net worth of and above five lakhs in cryptocurrency transactions.

Indians are getting too cautioned and fearing about what would happen to their money stowed in encrypted ledgers. It is because, the most prominent banks including SBI, ICICI, SBI, Yes Bank has suspended some of the accounts of major bitcoin exchanges in India. Economic Times Reported that action had been initiated against top ten Bitcoin exchanges including Zebpay, Coinsecure, Unocoin, and BtcXIndia.

KoinEx Stuck with Unexpected Delays

Last week, KoinEX expressed unexpected delays caused by their users for INR withdrawals on KoinEx. They revealed,

“A tussle between our payment service partner and their bank has caused an indefinite delay in settlement of a large portion of deposits to Koinex in the past two weeks.

“This created a bottleneck in the cash flow of user funds, thus hamstringing INR withdrawals on the platform.”, they concluded.

KoinEx seems to be the largest cryptocurrency exchange in India which offers instant deposits and withdrawals. Though KoinEx is following severe KYC in the market, during December 2017, the company has faced unexpected delaying citing issues with payment partners and banks.

However, they had resumed withdrawals on January 08, for just 48 hours and took a total of ten days to resolve it.  

Following such delays, KoinEx has announced alternative solutions on 20th January. According to sources, KoinEx has resumed the deposit with alternative solutions as two percent charge every time user make a deposit.

Turning days back

Conversely, such delays and issues are common for crypto oriented businesses including trading platforms. In early December 2017, Bitfinex experienced withdrawal difficulties which were receiving numerous complaints from customers and the exchange claims that the issue occurs from DDoS attacks. While other exchanges like Coinbase, Gemini has encountered complaints from customers for their accounts were locked and so on.

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Tabassum Naiz

Tabassum is an enthusiastic author, web geek, Writer & Digital marketer! She is experienced in writing for Tech, Digital and Crypto blogs. Connect her on Twitter @tabassumnaaz9

One thought on “KoinEx India updated alternative solutions for all its users

  • Avatar
    27th January 2018 at 8:17 am
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    Koinex has not resolved the withdrawal issue. The INR withdrawal is still suspended and its 20 days now.

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