Home/ News / India/  Bitbns users face INR transaction delays, see what crypto exchange says

With several crypto traders and users complained of delays in Indian ruppee withdrawals from crypto Bitbns, the cryptocurrency exchange on 14 July 14 said that the payment delays were due to issues from 'relevant authorities'.

"INR withdrawals are delayed due to some issues from relevant authorities. We are working closely with them to fix it at the earliest. Requesting patience from the community during this hard time," the company said on its website.

Gaurav Dahake, CEO & Founder, Bitbns said, "INR withdrawals on Bitbns platform are being delayed owing to temporary issues at the end of concerned authorities. Our team is working closely with them to address this at the earliest."

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"Bitbns is one of the most resilient and the only exchange in India facilitating seamless deposits and withdrawals on the highest number of listed cryptocurrencies. The withdrawals are getting processed sequentially, as we are working to increase the clearing speed too," he added.

Over the last few months, top crypto exchanges in India have lost nearly 75 percent of their crypto trading volumes.

Trading exchanges like WazirX, CoinDCX, Bitbns and Zebpay, among others, lost more than 70-75 percent of their trading volumes on a monthly average basis in the first six months of 2022.

The situation has even worsen after the Union government imposed the 1 percent TDS (tax deducted at source) on virtual digital assets (VDAs) from 1 July. It was announced in the Budget 2022-22 by Finance Minister Nirmala Sitharaman.

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Updated: 14 Jul 2022, 08:25 PM IST
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