Indian cryptocurrency exchange CoinDCX is facing criticism on social media due to restrictions on crypto withdrawals. Many users have reported issues such as failed INR withdrawals and delays in resolving their support tickets, with some claiming their withdrawal requests have been pending for weeks. This has led to growing frustration among users.
The confusion surrounding CoinDCX’s withdrawal policies 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 to withdrawal processes could indicate potential issues with the exchange’s regulatory compliance. As the complaints continue to mount, CoinDCX faces increasing scrutiny over its handling of user funds and policies.
As reported by Analytical Insights, CoinDCX co-founder Sumit Gupta addressed the ongoing withdrawal issues, explaining that relaxing withdrawal restrictions could pose a risk to the exchange, as authorities might freeze bank accounts. Gupta clarified that crypto withdrawals on CoinDCX currently operate on an opt-in basis, with the process being carried out in stages. However, he did not provide a specific timeline for when these withdrawals 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 wallets, siphoning off over 50% of the exchange’s assets, which amounted to more than $230 million.
The stolen funds have led to significant financial loss for investors, with the stolen assets laundered and uncertainties surrounding the legal and financial repercussions. As a response to the breach, WazirX froze all trading and withdrawals, a measure that remains in effect as the company continues to investigate and recover from the hack.
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