With effect from February 4, 2024, CoinDCX has stated that it is assisting more than one lakh Koinex users, allowing them to easily switch to the new platform. Empowering the Indian crypto community is the goal. Users can locate their assets and validity in the CoinDCX wallet after they have switched. The understanding between CoinDCX and Koinex makes it clear that efforts must be made to promote a safe and transparent VDA environment.
For CoinDCX and Koinex customers who are new, current, and overlapping users, the transfer process is different.
New users must download the CoinDCX mobile application and follow the regular process. This includes KYC and registration processes. After that, customers can take their time exploring CoinDCX. Additionally, customers can only begin trading cryptocurrency assets after completing the KYC procedure. Being a FUI-compliant exchange on the platform requires completing the KYC process.
Users who overlap will just need to complete their KYC process again. A person that has accounts on two different platforms is said to be overlapping. They will also make a smooth transition. The normal petrol fees will be subtracted before the asset transfer appears in each account. To reiterate, to comply with FIU compliance rules, re-KYC is required.
For the automatic and seamless transfer to occur, current Koinex customers who have CoinDCX accounts must have matching KYC details. The platform has given users undergoing the changeover phase every support imaginable. In a formal statement, CoinDCX’s co-founder Sumit Gupta emphasized the company’s dedication to helping the Web3 community. Gupta has added that they want to support the future of decentralization and empower the Web3 community.
The CoinDCX support team can be contacted via the chat feature on the platform or by using any other available communication option if they are experiencing any issues. See our evaluation of CoinDCX for additional information. They have to register for a CoinDCX account first, though.
There will be no transfers of tokens that are not listed on CoinDCX. Rather, a corresponding amount will be credited to their wallets after they are converted to base tokens like BTC and USDT. The conversion will be determined by the token’s market value at the time of sale. By the end of this month, February, transferred tokens from users who have just completed their migration to the new platform will appear in the account.
Koinex is not taking new registrations at this time, as its activities were essentially closed at the time this article was written. As of right now, CoinDCX has declared that gas fees will only be incurred during token transfers. The petrol price varies depending on the token. When a Koinex user passes away, family members are advised to get in touch with the committed chat support team as soon as possible to discuss the next course of action.
