Another major cryptocurrency exchange in India is to shut down, citing concerns over the de facto crypto banking ban brought in by the country\u2019s reserve bank. Koinex, which described itself as \u201cIndia\u2019s most advanced digital assets exchange,\u201d is bowing out over the regulatory uncertainty around the Reserve Bank of India\u2019s (RBI) policy, which effectively makes it more difficult for crypto businesses to operate in the country. However, the RBI\u2019s banking ban is currently subject to an ongoing challenge through the courts, casting further uncertainty over the regulatory landscape for operators in the country. https:\/\/twitter.com\/koinexindia\/status\/1144109930560884736 In a post published to its Medium account, Koinex said the ban on banking relationships for crypto businesses had made it no longer viable to continue trading: \u201cWe have consistently been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of digital assets. Even for non-crypto transactions like payment of salary, rent and purchase of equipment, our team members, service providers and vendors have had to answer questions from their respective banks\u2014just because of an association with a digital assets exchange operator.\u201c As of 2 p.m. local time on June 27, the exchange has ceased trading, with a pledge to reinstate affected customers as quickly as possible. \u201cA snapshot of the wallet balances at this time will be taken for record, and the effort to disburse balances will begin immediately. Since the bank accounts with user funds are still frozen and the capital is held up, we have made arrangements for funds from our own resources, so that we return as much as we possibly can, back to our users and alleviate their position in reference to the funds held up in these frozen accounts,\u201d Koinex said. The exchange also argued that the RBI\u2019s measures have had a negative impact on overall trading volumes, by creating an atmosphere of fear around crypto dealings in India. While it's clear the RBI itself has no intention of rolling back on the blanket ban, there is still hope the courts will side with the crypto sector in striking down the banking policy. For the time being at least, the news means crypto users in India are left with an even more limited choice as to how best to buy and sell cryptocurrency.