Why INR withdrawals are delayed:
Here’s the overall answer
Banking has been tough for Indian crypto ecosystem from day 1. Frequent shut downs of payment processors, bank accounts etc. Bitbns has figured out unique solutions so that users can access the same seamlessly.
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 Rs 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.
This is why you see users got a notification last month to not sends funds to certain account. There are multiple such cases that happen every month. Some get resolved quickly in some cases police officers arent as responsive or co-operative. 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
These blocked funds typically create bottlenecks in withdrawal processing. Which is what’s the case. We keep working round the clock in order to ensure these are resolved quickly. Users can rest assured #FundsareSafu
As these bottlenecks get resolved the withdrawal speed would increase significantly.
Wrt instant withdrawals there were only a few that used to offer the service. They have been shutdown like hypto, mobikwik etc. They no longer operate with crypto.
Also points to note:
Users can see how much time it would take to withdraw when they withdraw
Crypto withdraw is functioning as usual so they can withdraw from any other destination
We would be adding USDT p2p for users to withdraw instantly
Would also suggest staying away or reporting accounts unnecessarily creating FUD during such times. It harms the general sentiment around crypto across the board.
