The world of cryptocurrencies hit a roadblock in India with the country’s Supreme Court mulling over a set of regulations that will decide the fate of digital currencies. This indecision has affected the operations of cryptocurrency entities in India as well, with Koinex, a popular Indian cryptocurrency exchange, coming under fire for mismanagement of assets.
Over the past few days, many users have complained about Koinex, be it about faulty cryptocurrency transfers or account lock-ins. One complaint came in the wake of Koinex announcing the final withdrawal deadline for delisted coins such as Bitcoin SV, NEO, and several others. Hitesh Nariani, a cryptocurrency holder on Koinex, had raised a complaint saying,
“You haven’t provided any support regarding NEO on koinex express.. There was a bug shared with your team which wasn’t solved.. now we can’t deal NEO in decimals on your platform as your have increased minimum amount required to deal on koinex express.”
The exchange has responded to the complaints, claiming that they have either messaged the user personally or that a ticket was raised from Koinex’s side. This resolution however, did not seem to cut it with users as the exchange continued to be crippled by ongoing issues, with several users complaining that the help wasn’t enough.
Another issue was raised by a user claiming that his Tron portfolio was transferred from a Tron Wallet to the Koinex wallet, but the former had not received any funds. The user’s tweet read,
“Dear Sir/Madam, I have deposited 1 lack Trons from @TronWalletMe to my @koinexindia wallet time – 5/28/2019 15:37:06. Still not received, Many times ticket submitted.. No resolution happen.. please help me.”
The number of complaints seems to have spiked after the delisting deadline was revealed by Koinex. The exchange’s tweet on May 28 had said,
“Delisting Update: The final withdrawal deadline for the delisted coins/tokens: $BCHSV, $ACT, $CMT, $GAS, $XRB, $NEO, & $XZC is on 3rd June 2019 [11:59 PM IST]. Please note that we will permanently stop supporting the above-mentioned coins/tokens after the given deadline.”
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