Indian exchange shuts down blaming banking ban

posted 11 months ago
Koinex exchange says it’s been forced to shutter its services as a de facto ban on banking relationships for crypto firms – ordered by the Reserve Bank of India (RBI) – has meant that it is economically unfeasible to continue with normal business.

The exchange writes: “We have consistently been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of digital assets. Even for non-crypto transactions like payment of salary, rent and purchase of equipment, our team members, service providers and vendors have had to answer questions from their respective banks — just because of an association with a digital assets exchange operator.”
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