Whats happening with Binance/WazirX | Bitcointalksearch.org

pakhitheboss

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Quote from: Shagnasty on February 09, 2022, 09:17:34 PM

I dont know about these people but I regularly withdraw INR from wazirx to my bank account and it gets credited almost instantly...within 10 seconds... Never had any issue with withdrawals so I dont see any problem with wazirx .
I feel it is the best exchange in India.

This is an old issue which was of course temporary. Be prepared to get 30 percent taxed next time when you withdraw INR from wazirX. I am sure you also know about it as it was declared by the finance minister.

Shagnasty

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I dont know about these people but I regularly withdraw INR from wazirx to my bank account and it gets credited almost instantly...within 10 seconds... Never had any issue with withdrawals so I dont see any problem with wazirx .
I feel it is the best exchange in India.

pakhitheboss

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Quote from: Daltonik on January 04, 2022, 05:54:13 AM

A bit of news about the exchange, which unfortunately is not very cheerful in the New Year, although I think that such fines for a large exchange are not significant and it is better to close them and move on. So in a press release it is reported that the Indian authorities have revealed a violation of tax legislation on the part of the WazirX cryptocurrency exchange owned by Binance.
During the study of the business activity of the platform, evasion of goods and services tax (GST) in the amount of 49.2 crore rupees (more than $6 million), including interest and fines, was found.

Yes, we saw that news but I do not think it is wrong on the government part. If you are earning so much money then why hide tax? The amount is not that big for an exchange like WazirX which is part of Binance. News like this adds to the negative image of cryptocurrency in India. Already a majority of people believe that the cryptocurrency market is a threat to national security such news will give more fire to the rumour.

Daltonik

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A bit of news about the exchange, which unfortunately is not very cheerful in the New Year, although I think that such fines for a large exchange are not significant and it is better to close them and move on. So in a press release it is reported that the Indian authorities have revealed a violation of tax legislation on the part of the WazirX cryptocurrency exchange owned by Binance.
During the study of the business activity of the platform, evasion of goods and services tax (GST) in the amount of 49.2 crore rupees (more than $6 million), including interest and fines, was found.

Bitcoin Smith

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Quote from: pakhitheboss on August 28, 2021, 06:29:58 PM

Quote from: Bitcoin Smith on August 26, 2021, 03:58:17 PM

Important update about Wazirx INR withdrawal, all the transactions related to withdrawal for pending for hours but now everything seems cleared so anyone is waiting for their withdrawal can process and get the funds back to your account.

In the recent days, INR deposits and withdrawals has been an issue and anyone knows the reason behind the maintenance from Wazirx too often?

It is an ongoing issue and nowadays with WazirX, it has been happening quite frequently now. Few days back they suddenly stopped Tron deposit. One of my friend told me that his tron were stuck in the Blockchain for 72 hours. Later on when the opened Tron deposit, it took them another 24 hours to update his tron. I think they are not able to handle such an influx of new users.

Trading volumes have been increased a lot so they also should increase their service for sure, and after the Binance taking over the wazirx they have been doing very good service but only in the recent days they are having such issues.

Also read somewhere that ICICI is creating some terms against the crypto purchases an wazirx is actually using ICICI for the fiat transactions that is why the issue with withdrawals and deposits of INR coming too often! Roll Eyes

pakhitheboss

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Quote from: Bitcoin Smith on August 26, 2021, 03:58:17 PM

Important update about Wazirx INR withdrawal, all the transactions related to withdrawal for pending for hours but now everything seems cleared so anyone is waiting for their withdrawal can process and get the funds back to your account.

In the recent days, INR deposits and withdrawals has been an issue and anyone knows the reason behind the maintenance from Wazirx too often?

It is an ongoing issue and nowadays with WazirX, it has been happening quite frequently now. Few days back they suddenly stopped Tron deposit. One of my friend told me that his tron were stuck in the Blockchain for 72 hours. Later on when the opened Tron deposit, it took them another 24 hours to update his tron. I think they are not able to handle such an influx of new users.

Bitcoin Smith

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Important update about Wazirx INR withdrawal, all the transactions related to withdrawal for pending for hours but now everything seems cleared so anyone is waiting for their withdrawal can process and get the funds back to your account.

In the recent days, INR deposits and withdrawals has been an issue and anyone knows the reason behind the maintenance from Wazirx too often?

teosanru

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Quote from: pakhitheboss on August 25, 2021, 07:42:21 PM

There are something which I have started disliking about Binance. First of all it has now started forcing every user to complete the KYC process. Understandably Binance is a big exchange and their are certain coins that are only listed on it. In one way or another you are now dependent on Binance. But with KYC being made compulsory I think I have to switch over to either Kucoin or Huobi.

I think the problem Binance is facing is money laundering, they have been subject to a lot of cases around the world relating to money laundering and most of the time they aren't able to answer the questions of the authorities relating to ownership of money because non-KYC wallets were able to withdraw around 2 BTC daily which is a huge amount. Therefore to safeguard themselves they had to do it, had no other choice, other exchanges too sooner or later have to move towards this path, after the big exchanges like Binance and FTX are done these authorities will come down to these smaller exchanges too.

pakhitheboss

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There are something which I have started disliking about Binance. First of all it has now started forcing every user to complete the KYC process. Understandably Binance is a big exchange and their are certain coins that are only listed on it. In one way or another you are now dependent on Binance. But with KYC being made compulsory I think I have to switch over to either Kucoin or Huobi.

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Quote from: pawanjain on February 24, 2021, 10:57:44 AM

Most of the members were complaining about how their deposits were not credited to their accounts and calling WazirX and Binance a scam.

Binance is one of the Best, Trusted and very Secure crypto exchange on the crypto world, i think allmost all crypto user already or Always used Binance exchange for Trading, fund Deposit/Withdrawal. Also Wazirx is another best indian crypto exchange, so how they can Scam with us? I think it was their ststem problem , and this problem not noly for them, i used many exchange and see that, i received my fund 48 hrs latter. So it is their problm, not scam.

pawanjain

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There are some major concerns about deposits in Indian exchanges like Wazirx and Zebpay these days.
Many people are complaining about deposits not crediting. Wazirx is saying that they are having issues with their banking providers.

Deposits not being credited at such times make me feel how centralized it is.
I personally tried the P2P platform on wazirx but even that seems to be irrelevant these days. Their order matching system is absurd.

It's high time, India should have a DEX platform with good amount of liquidity too.
Would you guys use an Indian DEX platform ?

SaShiRaJaVu

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Quote from: Mosharafhh on May 02, 2021, 12:50:38 PM

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Before seen this post i thought that wazirx is the best exchange and Indian people doing their best after getting crypto licences on their country but now i am worried about that if Indian exchange and Indian people do like that then may be we will not see any crypto licensed on our country anymore because our country govt. always follow indian atmosphere and indian govt. I wish best for Indian people and India.

The chat says that his bank transfer is not visible in the Wazirx account. Last week there were some issues with the banking system and they even halted the service for a while and they upgraded their system and may be you have seen those complaints during that time. Now everything is working fine as i made a transaction yesterday.

I heard ICICI has halted any cryptocurrency related transaction a couple of days back because of lack of transparency from the government from their official sources but other than that here is nothing to be worries.

Mosharafhh

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Quote from: pawanjain on February 24, 2021, 10:57:44 AM

I am a member in the Wazirx Telegram group and while reading one of the announcements today I saw the people commenting on the announcement.
Most of the members were complaining about how their deposits were not credited to their accounts and calling WazirX and Binance a scam.

I was really astonished to find out so many people complaining about the deposits recently. Some people said their deposits were not credited since 10 days.
Few had problems with their withdrawals and some had KYC issues. Many said that folks at WazirX support were not very supportive.

I really thought WazirX is the best exchange till date but I guess things are turning around these days.

Below is a screenshot of people complaining about their issues.

Telegram link : https://t.me/wazirx

Before seen this post i thought that wazirx is the best exchange and Indian people doing their best after getting crypto licences on their country but now i am worried about that if Indian exchange and Indian people do like that then may be we will not see any crypto licensed on our country anymore because our country govt. always follow indian atmosphere and indian govt. I wish best for Indian people and India.

~Money~

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Quote from: Clement Kaliyar on April 06, 2021, 06:54:17 PM

Quote from: ~Money~ on April 05, 2021, 11:57:44 AM

There may be some issues with UPI payment with Indian Crypto exchanges in the last few days. But I still trust WazirX the most because it is backed by Binance. I am not saying that other crypto exchanges are fraud or anything but WazirX has Binance to back them. Even in 2019 when around 7000 BTC were stolen from Binance by hackers, no user suffered any loss.

The question will be how many times they can afford to loose that kind of money and still be in the market. We have seen many exchanges shutting their doors after major attacks and Binance is still there and how long they can afford to do that if they face another hack. So trust is momentary as it can change.

The site was upgrading their database and so was the reason they disabled withdrawals and the site was really slow daily trading volume has increased to $278 millions which is crazy.

I do agree that no exchange can afford that kind of loss again and again. But I think they would have definitely improved their security so that such incidents do not happen again. Moreover, I believe that other exchanges might not have beared such loss even 1 time. I am not promoting any exchange but I think they have proved themselves better than any other exchanges till now.

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Quote from: ~Money~ on April 05, 2021, 11:57:44 AM

There may be some issues with UPI payment with Indian Crypto exchanges in the last few days. But I still trust WazirX the most because it is backed by Binance. I am not saying that other crypto exchanges are fraud or anything but WazirX has Binance to back them. Even in 2019 when around 7000 BTC were stolen from Binance by hackers, no user suffered any loss.

The question will be how many times they can afford to loose that kind of money and still be in the market. We have seen many exchanges shutting their doors after major attacks and Binance is still there and how long they can afford to do that if they face another hack. So trust is momentary as it can change.

The site was upgrading their database and so was the reason they disabled withdrawals and the site was really slow daily trading volume has increased to $278 millions which is crazy.

ragavancoin

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Quote from: ~Money~ on April 05, 2021, 11:57:44 AM

There may be some issues with UPI payment with Indian Crypto exchanges in the last few days. But I still trust WazirX the most because it is backed by Binance. I am not saying that other crypto exchanges are fraud or anything but WazirX has Binance to back them. Even in 2019 when around 7000 BTC were stolen from Binance by hackers, no user suffered any loss. Such incidents build a sense of trust with binance and it's being the world's largest crypto exchange so it got advanced security technology and reputation to protect to be at the top.
Rest I believe if the Indian govt ban Crypto, in any case, they will definitely give an ample amount of time to withdraw the funds or transfer it to decentralized walllet.

Exactly you are right because I am also using wazirx from past 2 years without any issues with amount deposits and withdrawal and we know that binance has been acquired so we can trust wazirx, many the users have a issues with payment gateway.

~Money~

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There may be some issues with UPI payment with Indian Crypto exchanges in the last few days. But I still trust WazirX the most because it is backed by Binance. I am not saying that other crypto exchanges are fraud or anything but WazirX has Binance to back them. Even in 2019 when around 7000 BTC were stolen from Binance by hackers, no user suffered any loss. Such incidents build a sense of trust with binance and it's being the world's largest crypto exchange so it got advanced security technology and reputation to protect to be at the top.
Rest I believe if the Indian govt ban Crypto, in any case, they will definitely give an ample amount of time to withdraw the funds or transfer it to decentralized walllet.

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Quote from: so98nn on February 27, 2021, 11:40:14 PM

I had same issue last to last week while depositing INR into my WazirX account.

They have also stopped accepting the payment from Standard Deposit option and Instant UPI DEPOSIT. I’m not sure what’s wrong with this but would it be related to recent Lok Sabha discussion over crypto ban?

I don't think it has anything to do with the crypto ban discussion currently building up in the Indian crypto community.
Binance has been facing similar issues recently and I think it has something to do with the Binance team.
Either it is because of the recent surge in trading volumes or may be the lack of support from traditional banks.

Quote

I mean slowly they are closing down the stuff and I’m not liking it. History repeats same as ZebPay wallet.

You guys have any second thought whether we should store our crypto assets somewhere else or WazirX is just fine ??

As of now things are not so worse and it would still be okay to hold crypto on the exchange unless it is a big amount.
Bigger amounts should always be stored in non-custodial wallets only.

so98nn

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I had same issue last to last week while depositing INR into my WazirX account.

They have also stopped accepting the payment from Standard Deposit option and Instant UPI DEPOSIT. I’m not sure what’s wrong with this but would it be related to recent Lok Sabha discussion over crypto ban?

I mean slowly they are closing down the stuff and I’m not liking it. History repeats same as ZebPay wallet.

You guys have any second thought whether we should store our crypto assets somewhere else or WazirX is just fine ??

Heisenberg_Hunter

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I believe the Indian exchanges were not prepared for the rising signups each day. KYC confirmations has been too slow on WazirX sometimes. Recently someone known to me signed up for WazirX and KYC was constantly rejected even though there were no problems regarding the documents or the quality of the pictures. It took almost a month for them to get their KYC confirmation to be done, but in such volatile markets confirmations should be done as much fast as possible otherwise people would be losing profits! As eaLiTy pointed out, there were no issues for withdrawals and it has been instant even during sudden price dumps and pumps.

Regarding Binance, I still have an unsolved support ticket in Binance where I did an Internal Transfer to another Binance user but they broadcasted the transaction and charged me a withdrawal fee of 0.0005BTC fees Sad

The other person's binance address was correct and I double checked if my internal transfers are turned on but still they broadcasted the transaction and we both faced a loss of 0.0005BTC. During these volatile times and high sign up periods, every exchange should hire additional customer support if not they would be facing a hard situation.

Topic: Whats happening with Binance/WazirX (Read 460 times)