India’s Exchange Koinex Delists Six Low-Performing Altcoins Due to Low Trading Volumes
It is evident that the recent ban imposed by India’s Central Bank on the use of fiat in crypto-based transactions is taking a toll on local exchange platforms. The first casualties were Zebpay and Coindelta. Now, the Koinex trading platform appears to be on a similar path, as it recently reduced its asset portfolio by delisting 5 cryptocurrencies. The affected coins are Achain (ACT), CyberMiles (CMT), GAS (GAS), Nano (NANO), NEO (NEO), and Zcoin (ZCN).
As mentioned above, India-based exchanges have struggled considerably since the central bank implemented their ban. An article published by Koinex blames the low trading activity on the ban. As a result, Koinex declared that it can longer support unpopular tokens with paltry returns. This is the main reason for the delisting of the six aforementioned tokens.
Other reasons for the delisting include;
- Low trading activity for the affected tokens has significantly reduced liquidity on the Koinex exchange.
- Regular node downtimes have made deposit and withdrawal transactions challenging.
- Users are dissatisfied by the lengthy waiting periods in transactions involving these six tokens.
- Community support for these coins has reduced in recent months.
Additionally, Koinex provided details regarding the delisting of the six tokens. They are;
- The exchange will no longer accept deposits for the delisted tokens from April 11.
- From April 117, the affected coins will not be tradable on Koinex.
- The order book will be canceled from April 18 henceforth. Tokens will be automatically refunded to the owner's wallet.
- The deadline for withdrawing the delisted tokens is April 23. Beyond that, all operations involving this tokens will be inaccessible.
As of now, it appears that the dreadful effects of the ban are set to continue affecting Indian crypto-based business platforms. However, participants in the country's crypto space are still hopeful that the Supreme Court will issue a favorable ruling when it sits later in July.