CoinDCX Users Slam Exchange Over Withdrawal Restrictions and Delayed Support
Indian cryptocurrency exchange CoinDCX has faced criticism on social media for restricting cryptocurrency withdrawals. Many users have reported issues such as failed Indian rupee withdrawals and delays in resolving support requests, with some claiming their withdrawal requests have been waiting for weeks. This leads to growing user dissatisfaction.
Confusion surrounding CoinDCX’s withdrawal policy has raised questions about the platform’s “know your customer” (KYC) procedures. Users are concerned about inconsistent rules, with some speculating that the sudden change in the withdrawal process could indicate potential issues with the exchange’s regulatory compliance. CoinDCX faces increasing scrutiny over its handling of user funds and policies as complaints mount.
As reported by Analytical Insights, CoinDCX co-founder Sumit Gupta addressed the ongoing withdrawal issues, explaining that easing withdrawal restrictions could pose risks to the exchange as authorities could freeze bank accounts. Gupta clarified that crypto withdrawals on CoinDCX are currently on an opt-in basis and the process is being done in a phased manner. However, he did not provide a specific timeline for when these withdrawals will be fully available to all users.
WazirX panic looms
On July 18, WazirX, India’s largest cryptocurrency exchange, suffered a devastating hacker attack, resulting in the theft of $230 million and affecting 15 million users. Despite the platform’s strong security measures, cybercriminals breached one of its main trading wallets and stole over 50% of the exchange’s assets, worth a total of over $230 million.
The stolen funds resulted in significant financial losses for investors, the stolen assets were laundered, and there was uncertainty about the legal and financial consequences. In response to the breach, WazirX froze all transactions and withdrawals, a measure that remains in effect as the company continues to investigate and recover from the hack.
