India blocks Bitbns’ bank account

Indian crypto exchange Bitbns has had its bank account blocked by law enforcement officers causing delays in withdrawals in Indian rupees (INR).

While the block may be a recent move on the exchange, the wait for withdrawals has been ongoing.

In July, Bitbns took to Twitter to announce an Official Statement on Current Situation of Normal Bank Withdrawals.

“INR withdrawals are delayed due to some issues from relevant authorities,” it read. “We are working closely with them to fix it at the earliest. Bank Withdrawals are getting processed sequentially and we are working to increase the speed for the same.”

Since the decision to enforce a 30% capital gains tax on cryptocurrencies in India, cybercrime cases have surged considerably, making it difficult for companies to seamlessly provide uninterrupted services to their users.

Bitbns CEO Gaurav Dahake said in a statement: “Even [with] an amount of 10,000 Indian rupees (US$125), [the maximum amount before taxation occurs] the law enforcement officer can block the entire account.

“Banking has been tough for the Indian crypto ecosystem from day 1. Frequent shutdowns of payment processors, bank accounts etc.

“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.”

Bitbns users have shown their concern over Twitter. The block on the exchange has caused a delay in deposited withdrawals, unanswered tickets and several pending funds.

Some users claimed to have waited 15 days, with one particular individual posting they had waited 40 days, claiming they were “never using @bitbns again”.

Amid appearing Twitter comments, Bitbns said it will add USDT P2P (peer to peer) for users to withdraw instantly.

India’s economic crime unit, the Enforcement Directorate is said to be investigating more than 10 cryptocurrency exchanges in the country for an alleged money laundering of 10bn rupees ($225m), or more.

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Source

Updated: 08/12/2022 — 16:00