On February 13, cryptocurrency exchange CoinDCX revealed that it had reached a deal with Koinex, a once-dominant but now-defunct exchange, to support one lakh users while also gaining new users. The assets of CoinDCX will be accessible to users.
In 2019, Koinex ceased its activities due to a number of regulatory and business obstacles.
Users who are currently using CoinDCX won’t need to undergo further KYC, as CoinDCX and Koinex will collaborate closely to seamlessly move users.
“This step aligns with CoinDCX’s vision of nurturing a thriving, secure, and transparent VDA ecosystem in India. We at CoinDCX work hard to launch projects that help the Web3 community. We will continue to work tirelessly to empower our community and realize the possibility of a decentralized future for everybody.”
Sumit Gupta, Co-founder of CoinDCX
“Koinex, once the largest and favored digital assets exchange, faced an unfortunate closure. During the shutdown process, we provided a reasonable window for users to withdraw their assets,” said Aditya Naik, Founder, of Koinex.
He added, “For those users unable to do so, this is the best opportunity to associate with a reputable and compliant exchange like CoinDCX. I am grateful to CoinDCX, and I am sure our users will now benefit from this collaborative endeavor.”
The integration process has been communicated to Koinex users, and CoinDCX will promptly initiate the necessary procedures, CoinDCX said.
