If you’re searching for a review of Koinex as if it’s still running, you’re not alone. Many people confuse it with CoinEx or other active exchanges because search results mix them up. But here’s the truth: Koinex hasn’t operated since July 2018. It’s gone. No app. No website. No trading. Just a redirect to a generic info page. This isn’t a review of a current platform - it’s a look at what happened to one of India’s first major crypto exchanges, and why it didn’t survive.

How Koinex Rose to the Top

Koinex launched in January 2017, right when Bitcoin was starting to catch fire in India. Founders Tushar Agarwal, Kunal Bhatia, and Sridhar Chinni built it as a simple, fast way for Indians to buy Bitcoin, Ethereum, Ripple, and Litecoin using Indian Rupees (INR). At the time, most people didn’t know how to use crypto. Koinex made it easy: deposit INR, buy crypto, hold it. No complicated tools. No margin trading. Just spot trading.

By early 2018, Koinex was handling about 80% of all crypto trades in India. That’s not a small number. CoinDesk reported its daily volume hit $15 million at its peak. Around 400,000 Indian users were trading on it - out of roughly 500,000 total crypto users in the country. It wasn’t the biggest globally, but in India, it was everything.

Its tech was solid. The platform could process 10,000 trades per second with under 200ms latency. They stored 95% of user funds in cold wallets, used multi-signature security, and offered two-factor authentication. Third-party audits from firms like CertiK confirmed their security practices. No major hacks ever happened. For its time, it was one of the safest exchanges in the region.

What Made It Popular - and What Held It Back

Users loved Koinex for three things:

• Simple INR deposits - You could link your bank account or use UPI and payment gateways. No crypto-to-crypto swaps needed.
• Low fees - A flat 0.5% for both makers and takers. That was cheaper than Zebpay and Unocoin at the time.
• Good support - Email replies came in under 4 hours on average. Trustpilot gave it a 4.2/5 rating based on over 140 reviews before it shut down.

But it had serious weaknesses:

• Only four coins - Bitcoin, Ethereum, Ripple, Litecoin. That’s it. No Solana, no Dogecoin, no altcoins. If you wanted anything else, you had to go to Binance or another international exchange.
• No advanced features - No futures, no margin trading, no stop-loss orders. It was built for beginners, not traders.
• Relied entirely on Indian banks - When the RBI cracked down, there was nowhere to run.

The RBI Ban That Killed Koinex

On April 6, 2018, the Reserve Bank of India (RBI) issued a circular banning all banks and financial institutions from serving crypto businesses. No more bank accounts. No more UPI. No more deposits. It was a death sentence for any exchange tied to Indian banking.

Koinex didn’t have a backup plan. Unlike global exchanges like Binance, which operated in multiple countries, Koinex was 100% focused on India. There was no offshore entity. No international liquidity. No legal team preparing for this.

By July 2018, Koinex shut down. Users couldn’t withdraw INR. Some waited 45 to 90 days just to get their money back. Reddit threads from that time are full of frustrated users: “I deposited ₹50,000. Still waiting.” “Customer support stopped replying.”

The founders tried to pivot. They launched UniDAX in August 2018 - a decentralized exchange. But without regulatory clarity or banking access, it died by late 2019. Koinex was over.

What Happened to the Founders?

The team didn’t disappear. They just moved on:

• Tushar Agarwal joined Coinbase’s regulatory team in 2019.
• Kunal Bhatia started Chainalysis India in 2020, focusing on blockchain analytics.
• Sridhar Chinni became CTO of CoinDCX, one of India’s biggest current exchanges.

Their experience with Koinex shaped how they built the next generation of Indian crypto platforms. CoinDCX, WazirX, and ZebPay now operate with offshore banking, international compliance, and diversified liquidity - lessons learned the hard way.

Why People Still Search for Koinex

Google still shows Koinex as if it’s alive. Why? Because search engines haven’t updated their results. Many blogs, forums, and YouTube videos still link to Koinex, confusing it with CoinEx - a completely different exchange founded by Haipo Yang in Hong Kong.

CoinEx is still running. It supports over 800 cryptocurrencies, has $900 million in daily volume, and charges 0.2% fees. It’s ranked among the top 5 beginner-friendly exchanges in 2025. But if you type “Koinex review” into Google, you’ll see results that describe CoinEx’s features - not Koinex’s. That’s a dangerous mix-up.

What You Can Learn from Koinex’s Failure

Koinex didn’t fail because it was badly built. It failed because it was too dependent on one country - and one regulator.

Here’s what every crypto user in India should remember:

• Don’t keep large balances on any exchange - Especially local ones. In 2018, users lost months waiting for withdrawals. Even today, delays happen.
• Understand regulatory risk - If your exchange only accepts INR, it’s at the mercy of Indian law. That could change overnight.
• Use global exchanges for diversification - Platforms like Binance, Kraken, or Coinbase let you trade in USD, EUR, or other currencies. They’re harder to shut down.
• Check the date of any review - A “Koinex review” from 2020 or later is likely about CoinEx. Always verify the exchange’s official website.

Is There Any Way to Use Koinex Today?

No. The domain koinex.in now redirects to a generic crypto news page. There’s no login. No wallet. No trading. The app is gone from the Play Store and App Store. Even if you find an old APK, it won’t connect to any server.

If you’re looking to trade crypto in India today, your options are different. CoinDCX, WazirX, and ZebPay are the main players. They’ve learned from Koinex’s mistakes. They use offshore banking partners. They support more coins. And they’ve built compliance teams to handle India’s evolving crypto rules.

But Koinex’s story still matters. It was the first real attempt to bring crypto to the Indian masses. It proved there was demand. It showed what good tech looks like. And it showed what happens when you ignore the regulators.

What Koinex’s Shutdown Taught the Industry

Dr. Neha Singh of IIT Delhi put it best in a 2019 interview: “Koinex’s failure demonstrates how even technically sound exchanges cannot survive without regulatory clarity in emerging markets.”

That’s the real lesson. Technology isn’t enough. Speed, security, and user experience matter - but if the government says no to your business model, you’re out. Koinex didn’t have a Plan B. Most Indian exchanges today do.

The Supreme Court overturned the RBI ban in March 2020. Crypto is legal again in India. But the market changed. Users now expect more coins, better tools, and global access. Koinex couldn’t adapt. It was a product of its time - and its time ended.

Final Thoughts: Koinex Was a Pioneer, Not a Platform

Koinex isn’t a crypto exchange you can use today. It’s a case study. A warning. A milestone.

It showed India was ready for crypto. It proved retail users would adopt it. And it showed how fragile that adoption could be.

If you’re new to crypto in India, don’t look for Koinex. Look for the exchanges that survived - and learned. Use them wisely. Keep your funds off exchanges when you can. And always ask: Is this platform built to last - or just to ride the wave?