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INR withdrawals on Bitbns take a hit; crypto exchange says bank account blocked by police

INR withdrawals on Bitbns take a hit; crypto exchange says bank account blocked by police

Several users of the platform took matters to the microblogging site Twitter to ask questions about their funds.

Several users of Bitbns took matters to the microblogging site Twitter to ask questions about their funds. Several users of Bitbns took matters to the microblogging site Twitter to ask questions about their funds.

Bitbns exchange, a crypto exchange operating in India, is facing issues when it comes to INR withdrawals. The crypto exchange released a statement highlighting that one of the exchange’s bank account has been blocked by the police in relation to a cyber crime case. And this has created a bottleneck in withdrawal process.

The statement said, “These blocked funds typically create bottlenecks in withdrawal processing.”

The statement further tried to assure the users that their funds are safe. “Users can rest assured #FundsareSafu. As these bottlenecks get resolved the withdrawal speed would increase significantly.”

Several users of the platform took matters to the microblogging site Twitter to ask questions about their funds.

A customer tweeted last week that his withdrawal of over Rs 2,00,000 has been stuck. He said, “My withdrawal of Rs. 215000 has been pending for 21 days and I need this money for urgent operation...”

Another user of the exchange complained about funds being stuck for over 50 days. They tweeted,

One crypto investor highlighted how his withdrawal has been stuck for the past 2 months.A customer also shared an intimation from the exchange that withdrawals would take anywhere between 14-21 working days and would only be processed from 10 AM to 4 PM. However, this has not been the case for several users of the platform.

Indian crypto influencer Kashif Raza tagged Gaurav Dahake, founder of the crypto exchange, to bring to light the issue. Raza tweeted:

Suresh Paramu, a user of the exchange, told Business Today that even his INR withdrawals were taking longer than usual so he canceled that order. "My INR withdrawal was pending for over 5 weeks. Finally, the customer support guy said it will take more time. If I want to cancel it,  I can. So, l did. Then I placed USDT buy order at Rs 84," he said.

Paramu further said, "Charts showed price went to 83.5, but my order did not go through. So, I canceled it and placed a new order at Rs 85. After 3 days of my order not getting processed, I tried to cancel it but a new issue popped up."

The user said, "I was not able to cancel my order. Customer support told me to complete KYC and then I would be able to cancel. I completed KYC but no change."

The customer support representative told Paramu that the Enforcement Directorate of India had instructed the exchange to block his account. When he asked for proof of communication between the exchange and the ED, the exchange did not respond. Later, Paramu's funds had been unblocked by the exchange after he threatened to visit the ED office in this matter.

He said, "Then customer support said I did suspicious trades in 2020. I gave all details they asked for. Then after 3 days, they said ED asked them to block my account. I asked them to show the ED communication copy. No response from them. On Wednesday I said I'm going to the ED office to check about this issue. Then they asked me to wait and within 24 hours, my funds were unblocked and I was able to take out the funds."

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Published on: Aug 11, 2022, 6:11 PM IST
Posted by: aakanksha chaturvedi, Aug 11, 2022, 5:59 PM IST