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 saying their withdrawal requests have been pending for weeks. This has led to growing frustration among users.
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 sudden changes in withdrawal processes could indicate potential issues with the exchange’s regulatory compliance. As complaints continue to mount, CoinDCX has come under increasing scrutiny over its handling of user funds and policies.
As reported by Analytical Insights, Sumit Gupta, co-founder of CoinDCX, addressed ongoing withdrawal issues, explaining that easing withdrawal restrictions could pose a risk to the exchange as authorities could freeze bank accounts. Gupta clarified that crypto withdrawals on CoinDCX currently operate on a voluntary 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 scary looms
On July 18, a devastating hack of WazirX, India’s largest cryptocurrency exchange, resulted in the theft of $230 million, affecting 15 million users. Despite the platform’s strict security measures, cybercriminals hacked one of its main trading wallets, siphoning off more than 50% of the exchange’s assets, which amount to more than $230 million.
Stolen funds have led to significant financial losses for investors, with stolen assets laundered and uncertainty over legal and financial repercussions. In response to this breach, WazirX froze all transactions and withdrawals, a measure that remains in effect as the company continues to investigate and recover from the hack.
