CoinDCX has announced that it is extending a helping hand to over 1 lakh users of Koinex, enabling them to transition to the new platform with convenience, effective February 4, 2024. The objective is to empower the Indian crypto community.
Once transitioned, users can find their assets and validation in the wallet of CoinDCX. The agreement between CoinDCX and Koinex specifically highlights that the move must be in the direction of fostering a VDA ecosystem that is transparent and secure.
The transition process is different for new, existing, and overlapping users of CoinDCX and Koinex.
New users are required to download the mobile application of CoinDCX and follow the standard procedure. This entails registration and KYC procedures. Once done, users will be able to explore CoinDCX in their own time. Also, it is only after the KYC process that users can start trading crypto assets. Completing the KYC process is part of the platform’s being a FUI-compliant exchange.
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Overlapping users will only have to re-do their KYC process. An overlapping user is one who already has an account on both platforms. Their transition will also be seamless. The transfer of assets will be reflected in their respective accounts after deducting the standard gas fees. To reiterate, re-KYC is necessary as per the FIU compliance standards.
Existing users of Koinex with a CoinDCX account must have matching KYC details to experience the automatic and smooth transition. The platform has provided all possible assistance to users going through the transition phase. Sumit Gupta, the co-founder of CoinDCX, has highlighted in an official statement that they are committed to supporting the Web3 community. Gupta has further stated that they strive to empower the Web3 community and contribute to the future of decentralization.
Those encountering any difficulties can reach out to CoinDCX’s support team through the platform’s chat feature or any other available communication method. Explore our CoinDCX review for more insights. However, they must first create an account with CoinDCX. The current valuation of digital assets will be reflected in CoinDCX after the transfer process has been completed.
Tokens that are not listed on CoinDCX will not be transferred. Instead, they will be converted to base tokens like BTC and USDT and credited to their wallets with an equivalent amount. The conversion will be based on the market price of the token at the time of the sale. Transferred tokens from users who have just finished migrating to the new platform will be reflected in the account by the end of this month, February.
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Needless to say, Koinex is not accepting new registrations with its operations shut effectively at the time of drafting this article. As of now, CoinDCX has said that it will only charge gas fees at the time of transferring the tokens. The gas fee may differ from one token to another. In a circumstance where the user of Koinex is no more, their family members are suggested to connect with the dedicated chat support team at the earliest possible time for the next necessary steps.
