🚨 COLODAX HAS SHUT DOWN — November 25, 2024. The team confirmed via their official Freshdesk support page: “After years of uncertainty and disruption, we have regretfully decided to shut down all digital assets exchange services and operations from 25th November 2024.” The platform is permanently closed. Do not deposit funds. For Indian crypto trading, use CoinDCX, Giottus, or ZebPay instead.
Colodax — What Happened
Colodax was an India-based crypto exchange founded in 2017 by Nitesh Agarwal and the CrypDates team. It operated from 2018 and offered INR deposits/withdrawals with zero deposit fees, KYC-required trading, and INR-paired crypto markets. Despite surviving the RBI banking ban by operating with direct bank transfers, the platform struggled over its final two years with bank account closures and cyber security issues.
On November 25, 2024, Colodax officially ceased all exchange services. The shutdown announcement cited the “closure of bank accounts holding user deposits due to cyber security claims and bad actors misusing the use case of cryptocurrencies” as primary reasons for the closure.
⚡ Bottom Line: Colodax is permanently closed as of November 25, 2024. Indian crypto investors should use FIU-registered alternatives such as CoinDCX, Giottus, ZebPay, or Unocoin.
