Why is Bitbns facing delay in INR withdrawal?

bitbans Has issued an official statement on the exchange wrt bank withdrawals via its twitter account. It said, “We would suggest staying away from unnecessary FUD during such difficult times. It hurts the general sentiment around crypto across the board.”

In the statement, BitBans said, banking has been tough. crypto Exchange in India from day 1.

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

“Now if a case of a cyber crime is taken up then even for an amount 10000 law enforcement officers (police officers) can block the whole account. Most law enforcement officers do not understand the gravity of such a decision. In a case instead of blocking only the concerned amount, the entire amount debited is blocked,” the statement added.

Also, the statement said, “There are many such cases which happen every month. Some cases are resolved quickly, in some cases the police officers are not liable or cooperative. And this can be done through writ petitions or One has to go to higher authorities and explain. The seriousness of the same. So the amount in that account remains locked and the users keep sending the amount to the old account as they have the account number stored so the lock value increases.”

In addition, Bitbounce states that “these blocked funds typically create bottlenecks in processing withdrawals.”

Last month, Bitbn also faced a similar problem. The INR withdrawal got delayed due to some issues of the concerned authorities.

On a July 9 tweet, the exchange said, “Bitbns is the only exchange in India to enable deposits and withdrawals on most listed cryptocurrencies. Bank withdrawals are processed sequentially and we are working to increase the pace for the same.” Huh.”

Bitbns Customer Withdrawal Dilemma:

One user tweeted under Bitbuns’ ‘Happy Raksha Bandhan’ tweet that the fund has been stuck for over 50 days. The user also shifted to using CoinCred after this issue.

While another customer said, his withdrawal 2,15,000 is pending for 21 days and he needs money for his brother’s immediate operation.

Meanwhile, there was another customer who issued a notification to BitBan saying, “Withdrawals will be processed within 14-21 bank-working days.” However, the customer tweeted, “This is not fair.”

Another user said, it takes more than 1 month to withdraw from Bitbns.

Bitbns Withdrawals FAQ:

According to the FAQ on their website, Bitbns has no limits on withdrawing and depositing cryptocurrencies on its exchange.

However, there is a minimum INR deposit to trade on Bitbns can go up to 100 and max 25 lakhs per transaction. Can also transfer up to an investor 3 crore in a day.

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

To withdraw cryptocurrencies, an investor needs to click on their respective cryptocurrency asset and submit the required details for withdrawal. These details may include address, amount desired for withdrawal, etc.

Transferring funds from Bitbn to bank account is also an easy process. An investor has to go to their ‘INR Wallet’ and enter the amount they wish to withdraw. After that click on ‘Withdraw’. And then the amount is expected to be released to the investor’s bank account in that time period which can be seen in the Status column.

Under the FAQ, BitBans has stated that deposit and withdrawal times of cryptocurrencies depend on network and congestion and blockchain block confirmations. It varies from one cryptocurrency to another. For bitcoin, 4 block confirmations are required.

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