India’s largest cryptocurrency exchange Koinex has decided to delist six cryptocurrencies from its platform. These include NEO (NEO), GAS (GAS), Achain (ACT), CyberMiles (CMT), Nano (NANO), and Zcoin (XCZ).
Koinex has offered the following reasons for the delisting of these coins:
- Lack of volumes for these tokens on Indian cryptocurrency exchanges resulting in low liquidity
- Frequent node downtimes for some of these cryptocurrencies have resulted in delays in deposits and withdrawals
- Multitude of support tickets against some of these tokens citing the long trading wait times
- Lack of community support for these coins
The exchange will stop accepting deposits for these tokens after April 11th whereas trading on both Koinex exchange and Express will be halted after April 17th. Users will have to withdraw these tokens till April 23rd, otherwise they will lose these tokens.
It was a little surprising to see names like NEO and NANO being a part of the list. NEO is among the top 20 cryptocurrencies by market cap whereas NANO is among the top 50. It would certainly be disappointing for Indian traders to lose these top coins from Koinex.
Luckily, Bitbns has stepped up to offer some relief to Koinex users holding NEO, GAS and Achain. Users can deposit these cryptocurrencies on Bitbns and get withdrawal fee refunds. Bitbns will reveal more details soon.
(Image Credit: Koinex Blog)