Hello,
The long-standing pending matter is finally here. We are reintroducing express INR withdrawals.
After thorough deliberation and multiple rounds of discussion on enabling express withdrawals for our users, we are activating it today. Through conversations with users, we discovered that many require a seamless flow for INR withdrawals.
Now, you can seamlessly withdraw INR using the express method and receive it within a few minutes in your account. Initially, this feature will be available for a limited group of 10 lac users, and we plan to scale the limit and make it accessible to all users.
As a crypto exchange, we were pioneers in introducing
- UPI deposits,
- Stop limit,
- Bracket orders,
- Margin trading,
- SIP,
- FIP,
- Futures Trading, and various other features.
We are committed to ensuring we create a seamless experience for our users. We are also working on ensuring super quick price sync across multiple tokens and adding new tokens the fastest which users can trade easily.
For INR deposits we have had UPI IMPS and other options enabled. Users who have availed INR deposit option the crypto withdrawal option would remain disabled for them. All crypto exchanges in India have taken a stance around this.
P2P trading and crypto withdrawals would be disabled for folks who have done INR Bank deposits and they can withdraw via Express INR and normal INR flows. This is in order to ensure proper banking and payment processing flow and to remain compliant with the guidelines from FIU. Crypto withdrawals will work smoothly for users using P2P or other mediums of deposits.
We are committed to making this bull run a superb experience for users by introducing the best of features in the coming days.
One of the reason the current bottleneck happened on bitbns for INR withdrawals was also due to some fraudulent INR deposit and then the entire account getting debit blocked which had user funds. We saw again a significant increase in such LEA cases in Jan and Feb and this severely curtails the ability to serve users seamlessly.
We are in the final phases of the ongoing case and expect a positive judgment in the coming time when all existing INR which was pent up would also would be cleared.
Thank you for your understanding.
Onwards & Upwards🚀,
Team BNS. 💜
