Indian exchanges undergo deposit and withdrawal issues

The financial institutions of India are moving away from cryptocurrency which leads to deposits and withdrawals delayed for weeks on exchanges like Koinex and Coindelta
09 January 2018   744

The current problems with Indian cryptocurrency exchanges might be the aftermath of the Reserve Bank of India which issued a statement in September 2017, comparing cryptocurrencies to ponzi scheme, warning people to stay away from virtual currencies such as Bitcoin. RBI claimed that cryptocurrencies are not backed by regulations hence there is a real and heightened risk of investment.

For instance, recently, many users have faced difficulties with INR withdrawals on Koinex, because a conflict between the payment service partner and their bank has caused an indefinite delay in the settlement of a large part of deposits to Koinex in the past 2 weeks.

Regulators world-over, have struggled to understand the underlying blockchain technology and develop an appropriate response to it; and India is no exception. These misgivings have resultantly affected the financial services community, who find it difficult to make up their mind about supporting cryptocurrencies, eventually causing organisations like Koinex and its users to bear the brunt.

Koinex blog post statement

Moreover, Indian crypto exchange Coindelta, also had deposit and withdrawals problems lately due to similar reasons, as reported by Quartz, and the management of three other exchanges confirmed they experienced the same issues.

As soon as RBI clarified that it has not given any licence to any company to deal with Bitcoin or any cryptocurrency, it seems to be the reason why banks and financial institutions are trying to stay away from making any operations with the virtual exchanges.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   79

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.