Beware Some Indian Exchanges are facing INR withdrawal issues!

pakhitheboss

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Quote from: Bureau on September 13, 2023, 06:20:27 AM

Quote from: Cryptogames999 on September 12, 2023, 08:50:12 PM

I am facing with coinbase as they are to move funds to some other wallet. Does somebody give me any good online wallet for storing BTC and bch?

I had only $200 so online wallet is best.

25 sep is the last date to close the account by coinbase.

1. Unstoppable wallet: https://bitcointalksearch.org/topic/unstoppable-wallet-user-experiences-5436273
2. Electrum wallet: https://bitcointalk.org/index.php?board=98.0

Thanks.

The above two are highly recommended wallets on the forum. As you are searching for a hot wallet, there is another one you can check. It is known as the Komodo wallet. It is open source and non-custodial. You can store both BTC and BCH as it is a multi-crypto wallet, swap crypto using Atomic Swap. The only disadvantage it has is that you can only download it on an Android device. Here is the direct link to their website: Komodo wallet

You are right Coinbase has asked certain Indian users to withdraw funds as they will be shut their accounts after 25th of this month. They have also stopped new user sign up for India. In all likelihood they are shutting their operations in India.

avikz

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Quote from: elevates on September 01, 2023, 07:01:44 AM

Last week three Indian exchanges were facing INR withdrawal issues. I am not going to name them as I got the information from a Telegram channel. I can confirm one exchange name as I am part of that exchange telegram channel. When questioned by the user they claimed they were having issues with the Banking partners. If I am correct most Indian exchanges use Paytm bank to process INR withdrawals. It is a possibility that it might be a banking partner issue. The reason for this topic is to keep everyone aware of this issue. Please ensure that you don't put a big withdrawal request and avoid placing a request on Bank holidays.

If anyone here has faced any INR withdrawal issues recently then do share it with the community.

I don't use any Indian exchanges so I didn't know that. But if this is happening again, it means the bank might have received some kind of secret directives from RBI to create issues for crypto exchanges. Or the bank is just doing their periodical due diligence. In a nutshell, Indian crypto exchanges are most unsafe for Indian users. Unless there is a structured legal framework put in place, such issues will keep on happening over and over again.

Bureau

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Quote from: Cryptogames999 on September 12, 2023, 08:50:12 PM

I am facing with coinbase as they are to move funds to some other wallet. Does somebody give me any good online wallet for storing BTC and bch?

I had only $200 so online wallet is best.

25 sep is the last date to close the account by coinbase.

Yes, there are two that you can check. The first one is an Unstoppable wallet, it is a multi-crypto wallet where you can store both Bitcoin and BCH. It is only available for mobile devices for now. The next one is the Electrum wallet which is only used for Bitcoin. It is available for both mobile & computer devices. Both wallets are open-source and non-custodial. Below are the thread links for both of them, You can go through them and if you have any questions about them you ask your questions on their respective thread. I am using both of them currently and I have not faced any issues.

1. Unstoppable wallet: https://bitcointalksearch.org/topic/unstoppable-wallet-user-experiences-5436273
2. Electrum wallet: https://bitcointalk.org/index.php?board=98.0

Thanks.

Cryptogames999

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I am facing with coinbase as they are to move funds to some other wallet. Does somebody give me any good online wallet for storing BTC and bch?

I had only $200 so online wallet is best.

25 sep is the last date to close the account by coinbase.

teosanru

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Quote from: elevates on September 01, 2023, 07:01:44 AM

Last week three Indian exchanges were facing INR withdrawal issues. I am not going to name them as I got the information from a Telegram channel. I can confirm one exchange name as I am part of that exchange telegram channel. When questioned by the user they claimed they were having issues with the Banking partners. If I am correct most Indian exchanges use Paytm bank to process INR withdrawals. It is a possibility that it might be a banking partner issue. The reason for this topic is to keep everyone aware of this issue. Please ensure that you don't put a big withdrawal request and avoid placing a request on Bank holidays.

If anyone here has faced any INR withdrawal issues recently then do share it with the community.

I think it's okay to raise the names of the exchanges. I think it's in favour of users to have this info very well in advance. Also you can mention allegedly and people can confirm whether it's true with their specific exchange and confirm the allegation. Also having issue with payment partner is also a very normal thing to be honest. we have seen in the past this has happened so many times.

Bitcoin Smith

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I used Wazirx exchange last week to withdraw INR, and it went almost instant, so I am not sure which are the exchanges are facing the delay issues, but most likely exchanges will put the withdrawal options on disable if it's faced for all their withdrawals.

Bureau

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I haven't heard anything in the social media or telegram channels of exchanges. I might have missed something here I suppose. The delay in withdrawals is an ongoing issue with Indian exchanges. If you are withdrawing funds from exchanges that are trustworthy then I don't think such delays would be an issue. Instant withdrawal as per my investigation are active on WazirX, zebpay and Giottus for now. Cannot guarantee anything as banking partners have been a pain for them for quite sometime now.

elevates

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Last week three Indian exchanges were facing INR withdrawal issues. I am not going to name them as I got the information from a Telegram channel. I can confirm one exchange name as I am part of that exchange telegram channel. When questioned by the user they claimed they were having issues with the Banking partners. If I am correct most Indian exchanges use Paytm bank to process INR withdrawals. It is a possibility that it might be a banking partner issue. The reason for this topic is to keep everyone aware of this issue. Please ensure that you don't put a big withdrawal request and avoid placing a request on Bank holidays.

If anyone here has faced any INR withdrawal issues recently then do share it with the community.

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