Koinex was an Indian cryptocurrency exchange that operated from 2017 until its shutdown in June 2019. Below is a detailed analysis based on the requested criteria, using available information and critical evaluation. Note that since Koinex is no longer operational, some aspects (e.g., current website security, active social media) may not be fully assessable, but historical data and post-shutdown insights are provided.

1. Online Complaint Information ¶

• User Complaints: Historical reviews and complaints about Koinex reveal significant issues, particularly around 2017–2019:
• Unresponsive Support: Users frequently reported Koinex’s lack of response to queries, especially regarding transaction issues, KYC verification delays, and fund withdrawals. For example, one user mentioned sending over 50 emails without a response, and others noted blocked withdrawals with no resolution.
• Fund Accessibility: There were complaints about funds not reflecting in accounts after deposits (e.g., NEFT/IMPS transactions) and withdrawals being delayed or blocked. Some users suspected Koinex of unethical practices, such as blocking complainants on social media.
• Account Security: At least one user reported their Koinex account being hacked, resulting in significant losses, with the technical team offering no assistance beyond advising to report to the police.
• TrustPilot and MouthShut Reviews: Koinex has a low rating (2.38/5 on MouthShut, 2.7/5 average from limited reviews elsewhere), with users warning against investing due to poor support and potential scam concerns.
• Critical Evaluation: The high volume of complaints about unresponsiveness and fund access suggests operational mismanagement or liquidity issues, especially toward the end of Koinex’s operations. However, some complaints may reflect the regulatory challenges Koinex faced (e.g., RBI’s 2018 banking ban), which limited their ability to process transactions.

2. Risk Level Assessment ¶

• Historical Risk: Koinex was considered high-risk due to:
• Regulatory Uncertainty: The Reserve Bank of India’s (RBI) April 2018 circular banned banks from dealing with crypto exchanges, severely disrupting Koinex’s operations. This led to payment denials, account closures, and operational challenges, increasing risk for users.
• Unregulated Status: Koinex was not licensed or overseen by any governmental agency, as India’s legal framework for cryptocurrencies was unclear during its operation. This added counterparty risk.
• User Fund Security: Reports of hacked accounts and Koinex’s inadequate response indicate vulnerabilities in their security practices.
• Low Trust Score: Scamadviser rated Koinex’s trust score as low, citing factors like third-party reviews, hosting details, and scam reports.
• Current Risk: Since Koinex shut down in June 2019, there is no ongoing operational risk. However, users with unresolved funds or accounts from that period may still face losses, as the company is no longer active to address claims.
• Critical Evaluation: The high-risk profile was largely due to external regulatory pressures and internal operational failures. While not necessarily a scam, Koinex’s inability to adapt to India’s regulatory environment and maintain user trust heightened risks.

3. Website Security Tools ¶

• Historical Website Security: Limited information is available on Koinex’s specific security tools, but:
• SSL Certificate: Koinex likely used an SSL certificate, as this was standard for crypto exchanges to secure user data. However, Scamadviser’s analysis does not confirm this explicitly.
• Wallet Security: Koinex claimed to store 98% of user funds offline in a combination of hot, warm, and cold wallets, using Hardware Security Modules (HSMs) for private keys. Despite this, the centralized nature of their wallet system made it vulnerable to hacks, as evidenced by user reports.
• No Mobile App: Koinex did not offer mobile apps, which reduced exposure to mobile-specific vulnerabilities but limited user convenience.
• Current Website Status: As of April 2025, the domain koinex.in may still exist but is unlikely to be operational as an exchange. Any activity on the site could indicate a potential scam or unrelated entity using the domain. Without access to the live site, current security tools (e.g., Cloudflare, DDoS protection) cannot be verified.
• Critical Evaluation: Koinex’s security measures were industry-standard for the time but insufficient to prevent hacks or reassure users. The lack of transparency about security post-shutdown raises concerns about the domain’s current legitimacy.

4. WHOIS Lookup ¶

• Historical WHOIS Data: No specific WHOIS data is provided in the references, but Koinex was operated by Discidium Internet Labs Pvt. Ltd., based in Mumbai, India.
• Current WHOIS: Since Koinex ceased operations, the koinex.in domain may have been sold, abandoned, or repurposed. A WHOIS lookup as of April 2025 would be needed to confirm the current owner, registration date, and registrar. Scamadviser notes that domains with low trust scores often have hidden WHOIS data, which could apply if the domain is active under new ownership.
• Critical Evaluation: Without current WHOIS data, it’s unclear who controls koinex.in. If the domain is active but not associated with the original Koinex team, it could be a red flag for impersonation or scams.

5. IP and Hosting Analysis ¶

• Historical Hosting: Koinex’s hosting provider is not explicitly mentioned, but Scamadviser notes that the hosting party is a factor in their low trust score, suggesting it may have been a less reputable or shared server.
• Current Hosting: If koinex.in is active, tools like Cloudflare or AWS might be used, as these are common for crypto-related sites. However, no current data confirms this. The references mention Cloudflare in a general context but not specifically for Koinex.
• IP Risks: Shared hosting servers, often used by smaller exchanges, can be associated with multiple suspicious sites, increasing the risk of blacklisting or malware.
• Critical Evaluation: The lack of specific hosting data limits analysis. If the domain is active, users should verify the hosting provider and check for red flags like shared IPs linked to known scam sites.

6. Social Media Presence ¶

• Historical Social Media:
• Facebook: Koinex had a Facebook page with 18,728 likes, used for updates and user engagement. However, users reported being blocked for raising complaints, indicating poor community management.
• Medium: Koinex operated “Koinex Crunch,” an official Medium publication for announcements, including their shutdown notice.
• Other Platforms: No significant mention of Twitter/X, LinkedIn, or other platforms, suggesting limited social media presence.
• Current Social Media: Post-shutdown, Koinex’s social media accounts are likely inactive or abandoned. Any active accounts claiming to be Koinex could be fraudulent.
• Critical Evaluation: Koinex’s social media engagement was minimal and poorly handled, with complaints about censorship. Inactive or repurposed accounts pose a risk of impersonation scams.

7. Red Flags and Potential Risk Indicators ¶

• Operational Red Flags:
• Unresponsive Support: Persistent complaints about Koinex’s lack of response to user issues.
• Fund Access Issues: Delays or failures in deposits and withdrawals, possibly due to RBI restrictions but also suggesting liquidity or mismanagement issues.
• Hacking Incidents: Reports of account hacks with no meaningful recourse from Koinex.
• Low Trust Score: Scamadviser’s low rating and warnings about potential scams.
• Regulatory Red Flags:
• Unregulated Status: Koinex operated without a license, increasing counterparty risk.
• RBI Ban Impact: The 2018 RBI circular crippled Koinex’s banking relationships, leading to operational collapse.
• Website Red Flags:
• Inactive Status: The exchange shut down in 2019, so any active koinex.in site could be a scam or unrelated entity.
• Lack of Transparency: Limited public disclosure about security practices or post-shutdown plans.
• Critical Evaluation: The combination of regulatory pressure, operational failures, and user complaints paints Koinex as a high-risk platform during its operation. Post-shutdown, the primary risk is potential domain misuse.

8. Website Content Analysis ¶

• Historical Content:
• Koinex’s website (koinex.in) promoted itself as “India’s most advanced digital assets exchange,” offering trading in Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash against INR. It featured a peer-to-peer order book, KYC compliance, and a wallet service.
• The platform emphasized simplicity for beginners, with a clean interface but limited charting tools and no mobile app.
• Security claims included offline storage for 98% of funds and HSMs, though these were undermined by hacking incidents.
• Current Content: Without access to the live koinex.in site, it’s unclear if it hosts original Koinex content, new content, or nothing. If active, content mimicking a crypto exchange could indicate a scam.
• Critical Evaluation: Koinex’s website was functional but lacked advanced features, aligning with its beginner-focused approach. Post-shutdown, any active content must be scrutinized for legitimacy.

9. Regulatory Status ¶

• Historical Status: Koinex was not licensed or regulated, as India’s crypto regulatory framework was undefined during its operation. The RBI’s 2018 circular banning banks from dealing with crypto exchanges effectively forced Koinex to shut down.
• Post-Shutdown: The Supreme Court of India struck down the RBI ban in 2020, but this came too late for Koinex, which had already ceased operations.
• Current Status: If koinex.in is active under new ownership, it would need to comply with India’s current crypto regulations, including registration with the Financial Intelligence Unit (FIU) and adherence to anti-money laundering (AML) rules. No evidence suggests the original Koinex team is operating anew.
• Critical Evaluation: Koinex’s unregulated status was a significant risk factor, exacerbated by India’s hostile crypto policies at the time. Any current operation under the Koinex name would require rigorous regulatory compliance.

10. User Precautions ¶

• Historical Precautions:
• KYC Verification: Koinex required mandatory KYC (PAN card, Aadhaar, bank details), which protected against anonymous trading but frustrated users due to verification delays.
• Fund Storage: Users were advised not to store large amounts in Koinex’s wallet due to hacking risks, with recommendations to use offline wallets.
• Transaction Monitoring: Users needed to monitor deposits/withdrawals closely, as delays were common.
• Current Precautions:
• Avoid koinex.in: Given Koinex’s shutdown, users should avoid interacting with koinex.in unless its legitimacy is verified. Any active site could be a scam.
• Check Domain Ownership: Perform a WHOIS lookup to confirm the domain’s current owner and registration details.
• Use Reputable Exchanges: Opt for regulated Indian exchanges like WazirX, CoinDCX, or ZebPay, which operate under FIU guidelines.
• Secure Wallets: Store cryptocurrencies in hardware or non-custodial wallets to avoid centralized exchange risks.
• Beware of Phishing: Avoid clicking links or sharing personal details with sites claiming to be Koinex.
• Critical Evaluation: Users must exercise extreme caution with any Koinex-branded platform today, as the original exchange is defunct.

11. Potential Brand Confusion ¶

• Similar Names:
• CoinEx: A global crypto exchange, unrelated to Koinex, but the similar name could cause confusion. CoinEx is regulated in some jurisdictions and offers a broader range of assets.
• Koein: A digital agency specializing in web design, not a crypto exchange, but the name similarity could mislead users.
• Coin-rely.com, Kinovasek.app: Flagged as suspicious sites, these could exploit Koinex’s defunct brand for scams.
• Domain Risks: If koinex.in is repurposed or a similar domain (e.g., koinex.io) is active, scammers could exploit Koinex’s past reputation to deceive users.
• Critical Evaluation: The defunct status of Koinex makes its brand vulnerable to misuse. Users must verify any platform claiming to be Koinex or using similar branding.

12. Summary and Recommendations ¶

• Overall Assessment: Koinex was a promising Indian crypto exchange undone by regulatory challenges, operational mismanagement, and user dissatisfaction. Its shutdown in 2019 marked the end of its operations, and the koinex.in domain’s current status is uncertain. Historical complaints, security issues, and lack of regulation highlight its high-risk profile.
• Key Risks Today:
• Potential domain misuse or scams using the Koinex name.
• Unresolved user funds from 2019.
• Brand confusion with unrelated platforms.
• Recommendations:
• Avoid koinex.in unless its legitimacy is confirmed via WHOIS and regulatory checks.
• Use regulated exchanges with strong reputations.
• Stay vigilant for phishing or impersonation scams leveraging Koinex’s brand.
• Critical Perspective: While Koinex’s failure reflects India’s challenging crypto environment in 2017–2019, its poor handling of user issues suggests internal weaknesses. The broader lesson is the importance of regulatory compliance and robust customer support in high-risk industries like crypto. If you need specific checks (e.g., current WHOIS lookup, live site analysis), please clarify, and I can guide you on tools or steps to perform them!