INR Withdrawals Update: January 7, 2018

The truth behind the unexpected delay

Team Koinex
Jan 7, 2018 · 2 min read

Discovery and recovery

In the past few days, many of our users have faced difficulties with INR withdrawals on Koinex. A tussle between our payment service partner and their bank has caused an indefinite delay in the settlement of a large portion of deposits to Koinex in the past 2 weeks. This created a bottleneck in the cash flow of user funds, thus hamstringing INR withdrawals on the platform. In these circumstances, we were constrained to temporarily suspend INR withdrawals, until the differences between the payment service provider and their bank are resolved. While we have taken firm action, we are also in constant touch with the payment service provider and are providing our complete cooperation to help resolve the matter at the earliest.

Next steps

We are working on a robust and more reliable solution to bring back INR deposits and withdrawals, ensuring the seamless trading experience that Koinex is known for. These integrations, partnerships and solutions take some time to build, however, we would like to inform you that this is the top priority right now. We regret the turn of events and the inconvenience caused to you. We are committed to improving user experience. We are working with relevant stakeholders to minimise the effect of third-party actions on critical services like deposits and withdrawals.

We will continue to post constant updates on the matter, and will also announce the release of our newer solutions. Follow our social media for quick updates on all fronts.

Koinex Crunch

Koinex Crunch is the official publication of Koinex, dedicated to the Blockchain technology space in India. We have an ever-growing readership of a dedicated community of crypto enthusiasts, traders and techies.

Team Koinex

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Our team is a diverse coalition of engineers, designers, and entrepreneurs who have come together under a united passion: love for Blockchain Technology.

Koinex Crunch

Koinex Crunch is the official publication of Koinex, dedicated to the Blockchain technology space in India. We have an ever-growing readership of a dedicated community of crypto enthusiasts, traders and techies.