Indian crypto exchange Bitbns said on Thursday that withdrawals in Indian rupees (INR) have been delayed as law enforcement officers have blocked its bank account.
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Fast facts
- “If a cybercrime case is raised for say even an amount of 10,000 Indian rupees (US$125), the law enforcement officer (police officers) can block the entire account,” Gaurav Dahake, CEO of the exchange, said in a statement.
- “Most law enforcement officers do not understand the gravity of such a decision. Instead of blocking only the relevant amount to a case, the entire amount is debit blocked,” he said.
- Anxious Bitbns users have taken to Twitter to say withdrawal amounts don’t reflect in their bank accounts even after 15 days. Some users “waited for 40 days.”
- Bitbns said that its crypto withdrawal is functioning as usual so users can withdraw from any “other destination,” without clarifying which other destinations. The exchange said it will add USDT P2P (peer to peer) for users to withdraw instantly.
- “Payment processors do not support crypto. The only solution for crypto companies remains is to accept funds in bank accounts,” Dahake said.
- Bitbns has been facing this issue for over a month now. The exchange issued a statement on July 9 to say INR withdrawals are delayed due to “some issues from relevant authorities.”
- India’s Enforcement Directorate, the country’s economic crime unit, is reportedly investigating more than 10 cryptocurrency exchanges in India for allegedly laundering over 10 billion rupees (US$125 million).
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