KoinBX is The Most Trusted and Fastest Growing Crypto Exchange, Registered in India, It ranks in Top 100 exchanges on CoinMarketCap, In an exclusive interview with BitcoinWorld, We will explore the vision of KoinBX, their journey & What are their thoughts on Indian Crypto Ecosystem.
Can you share your journey within the crypto industry and what led you to join KoinBX as the Chief Strategy Officer?
My journey with bitcoin started way back in 2012, when I read up on it for the first time. I bought my first BTC in 2016-17. As an engineer working in IT, I was intrigued by blockchain as a technology and was keen on exploring it. As time went by, I worked with some blockchain development companies to learn more. As a life-long learner, and KoinBX’s innate values laid down by our founder Saravanan Pandian, of democratizing access to crypto assets, among others inspired me to join the exchange.
What is the overarching vision of KoinBX, and how do you see it evolving in the next five years?
Technology is ever-evolving and India is one of the largest markets for tech-savvy youngsters. KoinBX aspires to reach a billion youths and we aim to be in a position to be educate and empower them to make smart investments. With emergence of new investment instruments such as ETH ETFs, we are likely to see an inflow of more new-age tech-savvy Indians who will invest within seconds. We want to bring more improved features and opportunities through upcoming and emerging technology in the space. That is the populace we want to onboard as a part of our digital asset revolution.
How does KoinBX ensure a seamless user experience for buying, selling, and trading cryptocurrencies?
While KoinBX prioritizes a holistic user experience through easiest and fastest onboarding, our strongest USP is our 24/7 customer support service ensuring that any potential disruptions are resolved as quickly as they arise.
Could you elaborate on the ‘Learn’ blog series and its role in educating investors and removing misinformation in the crypto space?
The ‘Learn’ blog series is a cornerstone of KoinBX’s commitment to educating investors and combating misinformation in the cryptocurrency space. This series covers a wide range of topics, from basic cryptocurrency concepts and blockchain technology to advanced trading strategies and market analysis. By providing accurate, up-to-date information, the ‘Learn’ blog series helps users build a solid understanding of the crypto market, enabling them to make informed investment decisions. Furthermore, by addressing common myths and misconceptions, we aim to demystify the crypto space and promote a more knowledgeable and confident community of investors.
What are the key security measures KoinBX has implemented to ensure the safety of user funds?
KoinBX employs a multi-layered approach to security to protect user funds. Key measures include:
Two-Factor Authentication (2FA): Users are required to enable 2FA for an additional layer of security on their accounts.
Encryption: All sensitive data, both at rest and in transit, is encrypted using industry- standard protocols.
Regular Audits: We conduct regular security audits and vulnerability assessments to identify and address potential threats.
24/7 Support We understand the importance of providing a sturdy customer support. Users are empowered to reach out at any hour for assistance and we are happy to help
How does KoinBX maintain compliance with FIU regulations, and what benefits does this bring to your users?
KoinBX adheres strictly to the regulations set forth by the Financial Intelligence Unit (FIU). This includes implementing robust KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures to prevent fraud and ensure the legitimacy of all transactions. By maintaining compliance, we offer users a secure and legally compliant trading environment, enhancing trust and reliability. Compliance also facilitates smoother interactions with banks and financial institutions, improving the overall ease of depositing and withdrawing funds.
Being listed as one of the top 100 exchanges on CoinMarketCap is a significant achievement. What strategies have contributed to this success?
Our success on CoinMarketCap can be attributed to several key strategies:
User-Centric Approach: Prioritizing user satisfaction and continuously improving the platform based on user feedback.
Security: Implementing stringent security measures to build trust and
Innovation: Continuously enhancing our platform with new features and tools to meet the evolving needs of our users.
Liquidity: Ensuring high liquidity for various trading pairs to facilitate smooth and eficient trading.
What are the major challenges KoinBX faces in the current crypto market, and how are you addressing them?
Regulatory Uncertainty: We maintain a proactive approach to regulatory compliance, engaging with regulators and staying updated on the latest legal developments.
Market Volatility: We provide users with advanced trading tools and educational resources to help them navigate volatile market conditions effectively.
Cybersecurity Threats: We continuously enhance our security measures, conduct regular audits, and invest in the latest cybersecurity technologies to protect our platform and users.
What upcoming features or developments can users look forward to from KoinBX?
Enhanced Mobile App: New features and improvements for an even better mobile trading experience.
New Trading Pairs: Introducing more cryptocurrencies and trading pairs to provide users with greater diversity and opportunities.
Educational Initiatives: Expanding our ‘Learn’ blog series and launching new educational programs and webinars to further empower our users.
What trends in the cryptocurrency industry are you most excited about, and how is KoinBX positioning itself to leverage these trends?
Integrating DeFi Solutions: Developing and integrating DeFi services to offer users access to innovative financial products.
Blockchain Partnerships: Forming strategic partnerships with blockchain projects to enhance our ecosystem and offer users new opportunities.
Educational Outreach: Continuously educating our users about these trends and how they can benefit from them, ensuring that they are well-prepared to participate in the evolving crypto landscape.
As we saw that Binance & Kucoin recently comply with FIU, do you think Indian users will use Indian exchanges instead of Binance & Kucoin?
Yes we strongly feel Indian users will use Indian exchanges. The kind of ease, and sense of security, Indian crypto exchanges offer is second to none.
What is your take on Indian Crypto Tax Laws, Do you think its favorable? If not , are you in talks with govt to impose a better taxation on crypto?
The current crypto tax laws in India present both challenges and opportunities. While they provide a clear framework for taxation, the high tax rates can be seen as a deterrent for investors and traders. At KoinBX, we advocate for a more balanced approach to taxation that fosters innovation and growth in the crypto sector. We are actively engaging in discussions with government bodies to propose a more favorable tax regime that encourages participation while ensuring compliance and revenue for the state.
As an Indian exchange how you are managing the exchange liquidity, seems there are other Indian crypto exchanges are using international exchanges order books, Are you doing the same?
Liquidity is a critical aspect of any crypto exchange, and we take this very seriously at KoinBX. While some Indian exchanges rely on international order books to enhance liquidity, we have developed a hybrid approach. We ensure sufficient liquidity through a combination of our own reserves and strategic partnerships with other liquidity providers. This enables us to offer competitive trading conditions and meet the needs of our users effectively.
If the taxation in India doesn’t change, do you have plans to shift the business on ONCHAIN ( Making into Decentralized Exchange )
Taxation alone does not influence business decision. We firmly believe in the motto of democratizing crypto assets, and with regards to that, we will definitely consider stepping into DeFi space in future. At KoinBX, our mission is to be at the forefront of innovation and regulatory compliance in the Indian crypto market. We are committed to delivering a secure, efficient, and user-friendly platform that caters to the needs of Indian crypto enthusiasts.
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