Koinex has collaborated with CoinDCX to help users recover assets locked from inactive exchanges.

Coinex, an Indian crypto exchange that has permanently halted all services related to trading of digital assets amid regulatory ambiguity, has partnered with another exchange to access its assets. Users whose assets were deposited on the now defunct Koinex exchange can now receive assistance through CoinDCX. Before ceasing operations, Koinex had recorded a trading volume of more than $265 million (approximately Rs 2,199 crore). CoinDCX says it has set up a desk to assist former Coinex members in accessing their funds and transitioning to its platform.

The now-defunct crypto exchange has signed a memorandum of understanding (MOU) with CoinDCX to help its existing one million users access their assets through the latter platform. announced Through a blog post on Tuesday.

For Koinex users who completed their KYC before 2018, their transition to the CoinDCX platform will be automatic. As far as others are concerned, they will be required to complete their KYC through CoinDCX to access their funds saved on Koinex.

“Coinex suffered an unfortunate closure. During the shutdown process, we provided a reasonable window for users to withdraw their assets. For users who were unable to do so, this is the best opportunity to join CoinDCX,” said Aditya Naik, Founder of Coinex.

The exchange shut down its operations in April 2019 after the RBI officially directed all regulated financial services entities to exit relationships with companies and individuals dealing in virtual currencies and block all such crypto-related transactions. Resorted to doing.

Both Koinex and CoinDCX have said that they aim to ensure that India’s crypto community continues to grow despite the current challenges.

CoinDCX co-founder Neeraj Khandelwal claims that the company’s self-custodial Okto wallet will be mentioned in market intelligence firm Messari’s blockchain adoption report by Q3 2025. Khandelwal’s post caught the attention of Messari CEO Ryan Selkis. CoinDCX launched its Okto wallet in August 2022.

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