CoinDCX Faces Criticism from Users Due to Withdrawal Restrictions and Delayed Support

Indian cryptocurrency exchange CoinDCX is facing criticism on social media for its restrictions on crypto withdrawals. Many users have reported issues such as failed INR withdrawals and delays in resolving their support tickets. Some users claim that their withdrawal requests have been pending for weeks, leading to growing frustration.

The confusion surrounding CoinDCX’s withdrawal policies has raised concerns about the platform’s Know Your Customer (KYC) procedures. Users are worried about inconsistent rules, and some speculate that the sudden changes to withdrawal processes could indicate potential problems with the exchange’s regulatory compliance. As complaints continue to increase, CoinDCX is facing more scrutiny over its handling of user funds and policies.

According to Analytical Insights, CoinDCX co-founder Sumit Gupta addressed the ongoing withdrawal issues and explained that relaxing withdrawal restrictions could pose a risk to the exchange, as authorities might freeze bank accounts. Gupta clarified that crypto withdrawals on CoinDCX currently operate on an opt-in basis and are being carried out in stages. However, he did not provide a specific timeline for when these withdrawals would be fully available to all users.

WazirX Scare Looms
On July 18, a devastating hack on WazirX, India’s largest cryptocurrency exchange, resulted in the theft of $230 million, 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, amounting to more than $230 million.

The stolen funds have caused significant financial losses for investors, and the laundered assets have created uncertainties regarding the legal and financial consequences. In response to the breach, WazirX has frozen all trading and withdrawals, and this measure remains in effect as the company continues to investigate and recover from the hack.

Tags: Crypto news, Crypto Regulations