Yesterday morning when I woke up and checked my emails, I noticed an email from Koinex saying that they are planning to shut down their exchange. The reason is because their business is not very progressive in India. The same decision was was made by Zebpay as well few months back. These two were one of the biggest and reliable cryptocurrency exchanges in India. I was not very happy reading this message from them.
Screenshot from website
From their perspective I'm able to definitely understand that the business is not going good in India. But I wish the situation settles down soon in India. I don't think the government will be taking any stupid decisions on this topic. We have already heard a lot from the government but there is definitely no progress.
For the past few weeks I was observing the process on Koinex. The exchange was not very stable. Even though the other platforms showed higher price for Bitcoin, Koinex was still showing a very low value. I believe some people would have even taken advantage of the situation. To summarize, I personally feel that the situation should settle down soon in India and these exchanges are open again soon.