Bitbns users face INR transaction delays, see what crypto exchange says

Many crypto traders and users have complained of delays in withdrawing money from crypto Bitbns Indian rupee. He said the July 14 cryptocurrency exchange was due to ‘concerned authorities’.

The company said on its website, “INR has been delayed. We are working closely with them to rectify the problem due to some issues with the relevant authorities. We are asking for patience from the community at this difficult time.”

Gaurav Dahake, CEO & Founder, Bitbns, said:

Read more: Crypto lender Celsius to record bankruptcy after cash shortage

“Bitbns is one of the most established and the only exchanges in India with a large number of listed cryptocurrencies that facilitate uninterrupted deposits and withdrawals.

Over the past few months, major crypto exchanges in India have lost nearly 75 percent of their crypto trading volume.

Trading commodities such as WazirX, CoinDCX, Bitbns and Zebpay lost an average of 70-75 percent per month in the first six months of 2022.

The situation has worsened since July 1, when the federal government imposed a 1 percent TDS (VAT) on virtual digital assets (VDAs). Finance Minister Nirmalla Sitaraman announced in the 2022-22 budget.

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