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Policy and regulations

How hostile regulations killed India’s largest crypto exchange Koinex

An RBI circular banning entities regulated by it from dealing with cryptocurrency ventures wrote the epitaph of Koinex, and a bevy of others. An inside account of how a flourishing startup, and an entire industry, crashed because of regulatory headwinds.
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13 Aug 2019 10 Mins Read 0 comment
Courtesy of Anirban
Courtesy of Anirban
It’s a Wednesday evening. Around a dozen people are seated at a single table, peering into their laptop screens. For an office that once housed around 60 employees, Koinex seems rather empty on a weekday. “Have you laid off the whole staff?” I ask. “No. We had to let go of the KYC team, which was a very
something in a regulated manner in a regulated market, which could make a difference [given the] present [scenario]." Giving up on a dream and leaving behind your hometown isn't easy. However, as Raj says, “It may be a little difficult, but obviously, business calls.” ( Graphics by Sadhana Saxena) (* This sentence is rewritten for clarity.)
It’s a Wednesday evening. Around a dozen people are seated at a single table, peering into their laptop screens. For an office that once housed around 60 employees, Koinex seems rather empty on a weekday. “Have you laid off the whole staff?” I ask. “No. We had to let go of the KYC team, which was a very something in a regulated manner in a regulated market, which could make a difference [given the] present [scenario]." Giving up on a dream and leaving behind your hometown isn't easy. However, as Raj says, “It may be a little difficult, but obviously, business calls.” ( Graphics by Sadhana Saxena) (* This sentence is rewritten for clarity.)

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