Crypto investors take to Twitter over problems in cash withdrawals

moneycontrol.com:

A number of  cryptocurrency investors have taken to social media in recent days saying they are facing challenges in withdrawing cash after some exchanges temporarily suspended currency withdrawals. Moneycontrol has seen at least half a dozen of such complaints.

For example, a Twitter user by the name of Midhun Mohan, on July 10 posted a plaint on Indian cryptocurrency exchange Bitbns’ Twitter account, claiming that his INR or cash withdrawal request made on the company’s application has been pending for a month.

“My withdrawal has been pending for more than a month now. I really doubt will I ever get it. If there will be any delay, you should have informed this before itself. We would have looked for other mediums such as P2P (peer-to-peer). I'm worried about my investments now,” Mohan said.

Bitbns, however, says that the delay in deposit withdrawals is only temporary.

“INR withdrawals on Bitbns platform are being delayed owing to temporary issues at the end of concerned authorities. However, requests for withdrawals in INR can still be placed. While our team is closely working to resolve the delay at the earliest, the other trading functions are functioning as per schedule without any hiccups,” a Bitbns spokesperson said in response to a detailed list of questionnaire mailed by Moneycontrol.

“We would like to state that the withdrawals have not been suspended but are only delayed and the same is likely to be addressed shortly,” they added.

Questions on how many withdrawals have currently been “delayed” were not answered by BitBns. This story will be updated with the same if the company responds.

A different Twitter user, sharing his transactions details, said despite applying at BitBns wallet for withdrawal of cash since June