The process of withdrawing from WazirX has become extremely challenging at this point. As of the evening of May 21, the Indian cryptocurrency exchange will no longer be able to conduct cryptocurrency transactions through the Paytm Payment Bank.
They have informed the users of their platform that until they find a new banking partner, they will not be able to conduct transactions on their platform through the bank transfer feature.
WazirX says that payments of INR to the Paytm Bank account aren’t being processed. They put out a statement saying that there are no IMPS or NEFT bank transfer choices.
For now, the best way to get money out of WazirX is to use WazirX P2P to buy or sell USDT with INR. In their statement, they also said that they are adding new banking partners and more ways to pay INR.
The Paytm Payments bank said that it will stop handling cryptocurrency purchases starting Friday. After RBI (the Reserve Bank of India) gave a verbal order, many other banks also said they wouldn’t do business with crypto exchanges.
This problem isn’t just with WazirX. CoinSwitch Kuber and CoinDCX are also having it. After Paytm Payments bank and other banks stopped processing their transactions, they are no longer able to offer UPI payment options to their users.
The Ministry of Finance is looking for ways to control how people can buy and sell cryptocurrencies in the country. But the National Payments Corporation of India (NPCI), which runs the UPI payments system, has said that it will not accept cryptocurrency trades in India that use UPI.
NPCI has asked banks to talk to their compliance teams about the steps that need to be taken.
The Indian bitcoin exchange WazirX was started by Nischal Shetty, Sameer Mhatre, and Siddharth Menon.
Users Complain About WazirX Withdrawal and Deposit
Users won’t be able to get money out of their WazirX accounts until this problem is fixed by the crypto exchange. Until the exchange figures out how to fix its banking problem, it might be nearly impossible to take money from WazirX.
A significant number of consumers have claimed that their deposits are being rejected. However, the amount that they deposited is not reflected in their WazirX account even if it is deducted from their bank account.
The Indian cryptocurrency exchange needs to immediately find a solution to this problem in order to ensure that its customers will not lose their monies as a result of problems with their WazirX withdrawals and deposits.
It would be in your best interest to steer clear of trading with this exchange until WazirX is able to publicize fresh banking partnerships. Because of this disagreement, you run the risk of having your money disappear due to a “banking error.”
These kinds of problems provide brokers and cryptocurrency exchanges with a reason to steal from their customers, which calls into question the ethics of those businesses.
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