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Why Bitbns is facing INR withdrawals delay issue?

Users have taken the issue on Twitter, complaining about how the withdrawals from their Bitbns accounts are time-consuming. Some investors haven't even received their withdrawals in INR for the past two months. (REUTERS)Premium
Users have taken the issue on Twitter, complaining about how the withdrawals from their Bitbns accounts are time-consuming. Some investors haven't even received their withdrawals in INR for the past two months. (REUTERS)

  • Bitbns has been struggling with the issue of INR withdrawals for quite some time now.
  • Bitbns explained that payment processors do not support crypto. The only solution for crypto companies remains is to accept funds in bank accounts.

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No matter what, every investor hopes to receive his or her money from their investment pools in a timebound manner. The quicker the better! However, this is not the case for investors at cryptocurrency exchange Bitbns whose withdrawals have taken a hit. Users have taken the issue on Twitter, complaining about how the withdrawals from their Bitbns accounts are time-consuming. Some investors haven't even received their withdrawals in INR for the past two months. Bitbns released a statement explaining the difficulty in releasing the withdrawals. The exchange cited a cyber crime case that led to police officers blocking their entire account. Notably, Bitbns has been struggling with the issue of INR withdrawals for quite some time now.

Bitbns through its Twitter account has released an official statement on wrt bank withdrawals on the exchange. It said, "We would suggest staying away from unnecessary FUD during such hard times. It harms the general sentiment around crypto across the board."

In the statement, Bitbns said, banking has been tough crypto exchanges in India since day 1.

Bitbns explained that payment processors do not support crypto. The only solution for crypto companies remains is to accept funds in bank accounts.

"Now if a cyber crime case is raised for say even an amount of 10000 the law enforcement officer (police officers) can block the entire account. Most law enforcement officers do not understand the gravity of such a decision. Instead of blocking only the relevant amount to a case, the entire amount is debit blocked," the statement added.

Also, the statement said, "There are multiple such cases that happen every month. Some get resolved quickly in some cases police officers aren't as responsive or cooperative. And this has to get resolved through writ petitions or going to higher authorities and explaining the gravity of the same. So the amount in that account remains locked and users also keep sending amount to older account as they have the account number stored so the locked value increases."

Further, Bitbns stated that "these blocked funds typically create bottlenecks in withdrawal processing."

Last month, Bitbn faced a similar issue. INR withdrawals were delayed due to some issues from relevant authorities.

On July 9 tweet, the exchange said, "Bitbns is the only exchange in India having deposits and withdrawals enabled on the highest number of listed cryptocurrencies. Bank withdrawals are getting processed sequentially and we are working to increase the speed for the same."

Bitbns customers withdrawal dilemma:

A user tweeted under Bitbns 'Happy Raksha Bandhan' tweet complaining about the funds being stuck for more than 50 days now. The user even shifted to using CoinCred following the issue.

While another customer said, his withdrawal of 2,15,000 has been pending for 21 days and he needs the money for an urgent operation of his sibling.

Meanwhile, there was another customer who released a notification of Bitbn saying, withdrawals will be processed within 14-21 bank-working days." However, the customer tweeted saying, "This is not fair."

Another user said, it takes more than 1 month for withdrawals from Bitbns.

Bitbns withdrawals FAQs:

Bitbns does not have any limit for withdrawals and depositing of cryptocurrencies on their exchange, as per their website FAQs.

However, the minimum INR deposit to trade on Bitbns is 100 and the maximum can go up to 25 lakh per transaction. An investor can also transfer up to 3 crore in a day.

Meanwhile, an investor can withdraw a maximum of 25 lakh per day.

To withdraw cryptocurrencies, an investor will need to click on their respective cryptocurrency asset and submit the details required for withdrawals. These details can include address, the desired amount for withdrawals, etc.

While transferring funds from Bitbn to a Bank account is also an easy process. An investor will have to go to their 'INR wallet' and enter the amount they wish to withdraw. Then click on 'withdraw'. And then the amount is expected to be released to the investor's bank account in the time duration that can be seen in the status column.

Under the FAQs, Bitbns has stated that the deposit and withdraw time of cryptocurrencies depends on the network and congestion and blockchain block confirmation. It varies from one cryptocurrency to another. For Bitcoin, 4 block confirmation is required.

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