New regulations for crypto exchanges in India have made it much more difficult for the crypto industry to develop in the country. As a result, CoinDCX and Koinex are set to enter into a strategic merger to support cryptocurrency adoption in India.
The merger between the cryptocurrency companies will provide an optimal solution for users amid regulatory uncertainty, according to CoinGape.
With Koinex ceasing operations, the merger will ensure that millions of Koinex users can access their assets through the CoinDCX platform. The companies said the moves are aimed at fostering a secure and transparent virtual digital asset (VDA) ecosystem in India.
The Indian exchange CoinDCX meets the requirements of the FIU and is ready to participate in organizing a safe and clear VDA ecosystem. The merger will provide Koinex with a robust platform for crypto traders while addressing regulatory concerns.
The CoinDCX platform will provide Koinex users with a seamless transition to access assets. The merger of the two exchanges has been made to help clients seamlessly transition from one platform to the other.
Crypto traders with KYC-compliant CoinDCX accounts will be able to automatically transfer assets to the CoinDCX platform. If traders have not undergone KYC verification, they will have to go through a registration process that will facilitate access to their assets.
CoinDCX has set up a personalized support service for Koinex users. This way, the exchange's users are guaranteed a smooth interaction throughout the entire platform integration process.
CoinDCX Co-Founder Sumit Gupta emphasizes the importance of supporting the Web3 community and empowering users. By merging with Koinex, CoinDCX is contributing to the development and expansion of the crypto landscape in India.
With the merger of CoinDCX and Koinex cryptocurrency companies, Indian users will be supported, and the exchanges will contribute to the adoption of cryptocurrencies in India.
Sumit Gupta stated that CoinDCX remains open to further partnerships to evolve the crypto ecosystem. The company's willingness to collaborate with other industry players reflects its commitment to fostering innovation and expanding the crypto sector in India.
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