CoinDCX users exchange on withdrawal limits and delayed support

Indian cryptocurrency exchange CoinDCX is facing criticism on social media due to restrictions on crypto withdrawals. Many users have reported issues like failed INR withdrawals and delays in resolving their support tickets, with some saying their withdrawal requests are pending for weeks. This has led to increased 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 sudden changes in withdrawal procedures could signal an exchange's regulatory compliance problems. As the complaints mount, CoinDCX faces more scrutiny regarding its handling of user funds and policies.

As reported by Analytical Insights, CoinDCX co-founder Sumit Gupta described the ongoing withdrawal issues, explaining that relaxing withdrawal restrictions could put the currency at risk as authorities could freeze bank accounts. Gupta explained that crypto withdrawals on CoinDCX are currently working on the best portal, and the process is being done in stages. However, he did not provide a specific time frame for when these releases will be fully available to all users.

WazirX Scary Looms

On July 18, WazirX, the largest cryptocurrency exchange in India, was robbed of 230 million dollars, affecting 15 million users. Despite the platform's strong security measures, cybercriminals breached one of its main trading wallets, making off with more than $230 million in over 50% of transactions.

The stolen funds have resulted in significant financial losses for investors, with uncertainty regarding the legal and financial consequences of the stolen assets. In response to the breach, WazirX suspended all trading and withdrawal operations, a move that will remain in effect while the company continues to investigate and recover from the hack.