Indian cryptocurrency exchange CoinDCX is facing criticism on social media over restrictions on cryptocurrency withdrawals. Many users have reported issues such as failed INR withdrawals and delays in resolving their support tickets, with some claiming that their withdrawal requests have been pending for weeks. This has led to growing frustration among users.
The confusion surrounding CoinDCX’s withdrawal policy has raised questions about the platform’s Know Your Customer (KYC) procedures. Users are concerned about inconsistent rules, with some speculating that the sudden changes in withdrawal processes could indicate potential issues with the exchange’s regulatory compliance. As complaints continue to mount, CoinDCX is facing increasing scrutiny over its handling of user funds and policies.
As reported by Analytical Insights, Sumit Gupta, co-founder of CoinDCX, addressed the ongoing withdrawal issues and explained that relaxing withdrawal restrictions could pose a risk to the exchange as authorities could freeze bank accounts. Gupta clarified that crypto withdrawals on CoinDCX currently work on an opt-in basis, with the process being done in phases. However, he did not provide a specific timeline for when these recordings would be fully available to all users.
WazirX Scare looms
On July 18, a devastating hack on WazirX, India’s largest cryptocurrency exchange, resulted in the theft of $230 million, affecting 15 million users. Despite the platform’s strong security measures, cybercriminals breached one of its main trading portfolios, siphoning off more than 50% of the exchange’s assets, amounting to more than $230 million.
The stolen funds have resulted in significant financial losses for investors, with the stolen assets laundered and uncertainty surrounding the legal and financial consequences. In response to the breach, WazirX has frozen all trading and withdrawals, a measure that remains in place as the company continues to investigate and remediate the hack.