INR Withdrawals Delayed, Crypto Exchange Bitbns Pins The Blame On ‘Relevant Authorities’

After several users took to Twitter to complain about delays in INR withdrawals on Bitbns, the crypto trading platform on Thursday (July 14) blamed ‘relevant authorities’ for the issues.

“INR withdrawals are delayed due to some issues from relevant authorities. We are working closely with them to fix it at the earliest. Requesting patience from the community during this hard time,” said a notification on Bitbns’ website.

The crypto exchange was receiving a lot of complaints from users on Twitter about the delay in withdrawals.

“I have submitted a withdrawal request on 20 Jun 2022. As per terms, you will clear in 15 days but 15 days are already gone. Still have not received my money”, said a user. 

Reacting to a promotional material by the crypto platform, another handle urged Bitbns to ‘first release the pending withdrawals.’

The recent crash in major cryptocurrencies has created a panic in the market that has seen retail investors cashing out of the digital currencies. This had led to a rise in withdrawal requests.

Notably, crypto exchange CoinSwitch Kuber has disabled crypto deposits and withdrawals due to regulatory issues, while CoinDCX has disabled crypto withdrawals. 

Earlier this month, Singapore-based Vauld suspended deposits and withdrawals and filed for a moratorium.

The crypto situation has been further complicated in the country by the government’s vague policy. While the Centre has refused to clear its official stance on the matter, the top officials of the Reserve Bank of India (RBI) have outrightly compared the craze around cryptocurrencies with ‘Tulip Mania’ of the 1600s. 

RBI Governor Shaktikanta Das even called private cryptocurrencies a threat to macroeconomic and financial stability of the country. Additionally, a slew of regulations aimed at discouraging the use of cryptocurrencies, such as 1% TDS on transactions and a 30% tax on income from virtual digital assets, have also contributed to the panic among retail investors.

Amidst the ongoing uncertainty, industry body Internet and Mobile Association of India (IAMAI) also announced that it would disband the Blockchain and Crypto Assets Council (BACC) by the end of July 2022. It cited ‘uncertain regulatory environment’ as the reason for dismantling the BACC.

The fall in cryptocurrencies has wiped off billions of dollars of investors’ wealth. The world’s largest cryptocurrency Bitcoin has plummeted more than 71% from an all-time high of $69,000 in November last year to $19,771.40 currently.

The shares of one of the world’s largest crypto exchanges, Coinbase Global, also fell from $381 in November last year to $53.36 as per latest data on July 14, wiping off close to 86% of its market capitalisation.