Indian Cryptocurrency Exchange Koinex Catches Flack Regarding Bitcoin SV (BSV) Removal
In a tweet earlier this month, Koinex, a controversial Indian cryptocurrency announced the delisting of a number of coins from their platform citing low trading volumes as to the reason. Since the announcement, the exchange has faced multiple complaints on their system ranging from deposit and withdrawals concerns, faulty systems and regulation of its activities in India.
Earlier in the year, India remained indecisive on their decision on cryptocurrency trading activities in the country. The lack of any ruling from the Supreme Court is affecting the exchange’s operations as trading activities remained halted for long parts of the year.
Not only does the exchange face external pressures and challenges but internal developmental issues as well. A number of users have complained about the overall functioning of the exchange with one user complaining on the lack of any support on NEO despite constant complains. The exchange, however, denied the claims saying they have personally contacted every complaint on the matter or a ticket has been raised.
“There was a bug shared with your team which wasn’t solved…Now we can’t deal NEO in decimals on your platform as you have increased the minimum amount required to deal on Koinex express.”
– Complaint 1
Deposits concerns by a number of the platform’s users remain rife especially after the delisting was complete. A TRON user complained they had not received their TRX tokens in the Koinex wallet citing technical problems despite raising multiple tickets with the team. The user sought help from the exchange’s development team on Twitter writing,
“Dear Sir/Madam, I have deposited 1 lack Trons from @TronWalletMe to my @koinexindia wallet time. Not received, Many times ticket submitted.. No resolution happen.. Please help me.”
– Complaint 2
Koinex is aiming to be the top cryptocurrency exchange in India in the coming years. However, the recent challenges coupled with the competition offered by LocalBitcoins in the country may prove a difficult problem in the adaption quest of the exchange.