CoinDCX signs MoU with defunct crypto exchange Koinex, on boards 1 lakh of its users

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Crypto exchange CoinDCX on February 13 announced that it has entered into an agreement with once leading and now defunct crypto exchange Koinex to bail out one lakh users while also adding them to its own user base. Users will get access to CoinDCX’s assets.

Koinex had shut down its operations in 2019 after facing various business and regulatory challenges.

CoinDCX and Koinex will work closely to transition the users, and users who are already using CoinDCX will not need to go through additional KYC.

Sumit Gupta, Co-founder of CoinDCX, said, “This step aligns with CoinDCX's vision of nurturing a thriving, secure, and transparent VDA ecosystem in India…At CoinDCX, we strive to undertake initiatives that benefit the Web3 community. Our unwavering dedication continues into the future, as we aim to empower our community and unlock the potential of a decentralized future for all."

“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.