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ToggleIn a significant move towards fostering a secure and transparent Virtual Digital Asset (VDA) ecosystem, CoinDCX has entered into an agreement with Koinex. This agreement is designed to provide a hassle-free transition for one lakh existing Koinex users to access their assets through the CoinDCX platform. As India’s foremost and FIU-compliant exchange, CoinDCX provides a secure platform for Koinex users to deposit and manage their assets.
For Existing Koinex Users: A Smooth Journey
CoinDCX ensures its support for existing Koinex users, aiming for a seamless transition to the CoinDCX platform. To access their assets on CoinDCX, Koinex users with an existing CoinDCX account and matching KYC details will experience an automatic transition. For others, a straightforward KYC process and onboarding are required to regain access to their assets.
Sumit Gupta, Co-founder of CoinDCX, highlights the importance of this step, aligning with CoinDCX’s vision of a thriving VDA ecosystem in India. Gupta emphasizes the commitment to supporting the Web3 community, showcasing a dedication that surpasses this acquisition. CoinDCX, through initiatives like these, strives to empower the community and contribute to the decentralized future.
The integration process has been communicated to Koinex users, promising personalized assistance through a dedicated customer desk. This approach aims to provide a reassuring and seamless experience throughout the transition.
For Overlapping Users: Re-KYC and a Smooth Transfer
Overlapping users who were already part of both Koinex and CoinDCX, will find a smooth transition too. A re-KYC process will be required to align with CoinDCX’s FIU-compliance standards, ensuring a compliant and secure user experience. The transfer of assets from Koinex to CoinDCX has been completed meticulously, with standard gas fees deducted to facilitate a seamless migration.
For New Users: Download, Complete KYC, and Trade
New users looking to explore the CoinDCX platform will follow the standard process. They can download the CoinDCX app, complete the KYC requirements, and seamlessly start trading in the exciting world of crypto assets.
CoinDCX is committed to fostering a secure, decentralized, transparent Web3 ecosystem. This collaboration benefits existing Koinex users and contributes to the broader crypto community in India.
In conclusion, the CoinDCX x Koinex agreement signifies a step forward in India’s crypto landscape, offering solutions for users impacted by the closure of Koinex. It reflects CoinDCX’s dedication to supporting the community and providing a robust platform for crypto enthusiasts in India.
Aligning with our commitment to bolster the Web3 ecosystem in India – in addition to investing in emerging startups, CoinDCX has formed strategic alliances with Koinex, KoinX, and other partners to drive ecosystem growth for the ultimate benefit of users. We welcome further partnerships that enhance value for both users and the overall ecosystem.
FAQs
Curious about the current value of your transferred tokens? Once the transfer is complete, you can easily find it in your wallets. The entry price will be listed from the date of the transfer. Feel free to check it out at your convenience. Feel free to connect with our support team by initiating a chat, and we'll be more than happy to assist you with any questions or concerns you may have. To ensure a smooth process, please create an account with CoinDCX before contacting our support team. Are you curious about what happens to your crypto if it's delisted? No worries, we've got you covered! If a token is not available on CoinDCX, it won't be transferred. For new CoinDCX users migrating from Koinex: Starting from February 4, you'll notice your Koinex investments moving to CoinDCX. If you've just joined or finished the onboarding process, don’t worry – you’ll see your transferred tokens or portfolio by the end of this month. Your current Koinex wallet balance is in for a smooth transition. All the tokens supported by CoinDCX will be transferred to your CoinDCX account. If you're facing this issue, we're here to assist you! We kindly recommend raising a support ticket with us to get this sorted. Our support team is ready to help and will guide you through the resolution process. Koinex has shut down its operations and is not currently taking in any new customers. We understand how crucial crypto deposits & withdrawals (CDW) access is for our users. CDW is active for certain tokens per CoinDCX's terms and conditions. If your holdings align with these enabled tokens, you can make withdrawals. For tokens not currently active for CDW, we're actively exploring options for the future. Your patience means a lot as we strive to enhance your experience. Rest assured, we're committed to making things even better for you. TDS (Tax Deducted at Source) will not apply to the transferred portfolio. Absolutely! If CoinDCX supports the redenomination and we receive the token from Koinex, you may be eligible for the credit. Absolutely! If you have received tokens from Koinex that were part of any airdrop between 2019 and 2023, rest assured that these airdrop tokens will be credited to your wallet. We appreciate your participation and look forward to ensuring you receive the benefits you deserve. Your tax liability will be established by considering the value of the tokens on the specific day in question. The token's value on that particular day will be utilized to compute your tax obligations. When we transfer the token, it will be moved in accordance with the market price movement on that date, and any applicable tax calculation will be based on this. If you have additional questions or require further clarification, don't hesitate to contact us – we're here to assist you! Yes, gas fees will be applicable for the transfer of tokens. It's important to note that each token may have different gas fees associated with its transfer. These fees will be charged to you during the transfer process. If you have any specific questions about the gas fees for a particular token, feel free to reach out, and we'll be happy to assist you If you cannot complete your KYC within the specified timeframe, your Koinex wallet balance will unfortunately lapse, and no tokens will be transferred. We kindly urge you to ensure timely completion to retain access to your funds. Should you encounter any challenges or have questions, our support team is here to assist you. The KYC process needs to be completed within the specified duration. We recommend ensuring that you complete the KYC within the provided timeframe to enjoy uninterrupted access to our services. Your holdings are all set to make a move to your new CoinDCX wallet. Just a heads-up: ensure your proper documents are handy to validate the process. We appreciate your interest in CoinDCX! However, as a minor, you won't be able to open a new account or carry out transactions until you reach the age of 18. We value compliance with legal requirements and look forward to welcoming you as a user when you turn 18. Feel free to reach out if you have any questions or need further assistance If you haven't submitted your PAN card to Koinex, CoinDCX might not have your account information. No worries, though! You can simply go through the KYC process again to open a new account with us, and we'll match it with your Aadhar details. In the unfortunate event of a Koinex user’s demise, we understand the importance of handling such situations carefully. We request you contact our dedicated chat support as soon as possible, and we'll guide you through the necessary steps.Where can I find the current value of my transferred tokens?
Who should I contact for assistance or clarification if I have any questions regarding support from Koinex?
What happens if a crypto is delisted on CoinDCX? Will I still have access to my purchase history for a delisted crypto?
Just to keep you informed, CoinDCX follows a specific delisting process. If you're curious about checking your purchase history, you can easily do so on CoinDCX. It's important to note that tokens not actively traded on CoinDCX won't be transferred.
Here's a breakdown of the Delisting Process:
When a token is delisted, it becomes untradeable. CoinDCX typically converts your token balance into the base tokens, such as USDT or BTC, and credits your wallet with an equivalent amount to what you held in that token. Please be aware that the conversion will be based on the token's market price at the time of the sale.When will I be able to see my Koinex profile in the CoinDCX app?
- Download the CoinDCX App
- Complete the onboarding journey
- Ensure you complete your KYC
- Tokens will be transferred to you then by the end of the month
For users already using both platforms:
Ensure your KYC information is up-to-date, and the tokens will seamlessly appear in your CoinDCX Wallet.What is the last date to migrate from Koinex to the CoinDCX app?
What will happen to my existing Koinex wallet balance?
My wallet balance shows as zero post migrating to CoinDCX. What should I do?
Is Koinex still accepting new customers on their app?
Will I have access to CDW once I migrate to CoinDCX?
How do I download my Koinex TDS summary & certificate?
Will I be eligible for a credit of token redenomination between 2019 to 2023?
Will be eligible for airdrop, which previously happened between 2019 to 2023?
How will my tax liability be calculated?
Will I be charged while transferring tokens from Koinex to CoinDCX?
What will happen to my Koinex wallet balance if I don't complete my KYC within the given duration?
Can I complete the KYC after the duration?
What will happen to my holdings since I am a minor?
I am a minor. Will I be able to open a new account with CoinDCX?
What would happen if the PAN card was not provided during the onboarding process on Koinex?
Please note that we've taken tokens based on the PAN details you provided. We might not have received the tokens if you haven't submitted them yet. However, once your new account is opened, we'll check and get back to you with the necessary information.What if the Koinex user is deceased?
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