As a long-time crypto investor and user of WazirX, I find myself in a state of cautious optimism following the recent announcement regarding INR withdrawals. The fact that the exchange has resumed partial withdrawals is certainly a step in the right direction, but the uncertainty surrounding the remaining 34% of balances remains a concern.
WazirX, a popular Indian cryptocurrency exchange, has initiated the initial stage of INR (Indian Rupee) withdrawals, allowing users to access about half of their 66% account balances. The exchange aims to complete the full user balance settlement within two weeks, and they have pledged to maintain the remaining 34%. Users of digital assets remain curious and questioning regarding the steps WazirX has taken thus far.
WazirX Looks Toward Two-Week Timeline
WazirX restarted Indian Rupee (INR) withdrawals on August 26, allowing users to access one-third of their INR holdings initially. Despite this being previously announced, users were curious about why only half could be withdrawn and when the remaining balance would become available. On a social media platform X (previously known as Twitter), Nischal Shetty – co-founder of the platform, stated that the initial phase has been implemented, with the next phase expected in approximately two weeks.
“We’ve processed one-third of the requested withdrawals so far, with another third set to follow shortly. Our goal is to have them all processed within two weeks, although we will strive to expedite the process if possible. Keep in mind that moving substantial amounts of money can take time due to banking restrictions and other factors. We are also diligently working to unfreeze the remaining 34% of INR funds as quickly as we can.”
He noted that the company is pushing to resolve the 34% frozen INR balances highlighting difficulties with many moving parts without specifics from courts and banks. The crypto exchange has been in the news following the massive hack incident that led to huge losses. WazirX continues to update the community on new developments regarding the incident.
INR Withdrawals Phase 1 Now Live
All eligible users can withdraw up to half of the available 66% limit of their INR balances.
We have also reduced withdrawal fees by 60% – from INR 25 to INR 10 to make this process easier for you. Thank you for your continued patience and…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 26, 2024
Platform Announces Reduced Fees
As a researcher, I’m sharing an update regarding the initial phase of Indian Rupee (INR) withdrawals. In this phase, we’ve decided to reduce the withdrawal fee by 60% as part of our commitment to streamline the entire process and provide better support for our users. Earlier, WazirX had announced phased withdrawals of INR balances in response to the aftermath of a hacking incident. The announcement received mixed reactions from our user base, but a significant portion welcomed the reduction in withdrawal fees.
When asked about the hack, Shetty clarified that the platform was forced to temporarily halt withdrawal transactions due to the freezing of Indian Rupees (INR). He conveyed a sense of hope regarding regulatory changes potentially alleviating the situation, all the while emphasizing the challenging circumstances.
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2024-08-26 20:19