tl;dr
Indian crypto exchange WazirX has initiated the first phase of allowing users to withdraw 33% of their INR balances, with plans to settle the remaining 33% within two weeks. The exchange aims to address the frozen 34% balances, citing challenges with banking limits and unspecified factors. WazirX al...
Indian crypto exchange WazirX has initiated the first phase of allowing users to withdraw 33% of their INR balances, with plans to settle the remaining 33% within two weeks. The exchange aims to address the frozen 34% balances, citing challenges with banking limits and unspecified factors. WazirX also announced a 60% reduction in withdrawal fees as part of its commitment to support users during the process. The phased implementation of withdrawals follows a previous announcement and is met with diverse user opinions, with some expressing concerns over the handling of the aftermath of a recent hack incident. CEO Nischal Shetty reassured users and highlighted the exchange's optimism about regulatory developments bringing relief amidst challenging conditions.
WazirX resumed INR withdrawals on Aug 26 giving users access to 33% of their INR balances in the first phase. Although this followed a previous announcement, users pressed on why they were restricted to half and the possible balance timeline. In a post on X (formerly Twitter), Nischal Shetty the platform’s co-founder wrote that the first phase has been rolled out while the next should be in two weeks. "We’ve enabled 33% of the withdrawals, and the next 33% should be available soon. We’re aiming for within two weeks, but we’ll try to speed it up. Moving large amounts of money takes time due to banking limits and other factors," he noted.
The first phase of INR withdrawals was announced with a 60% fee reduction to support users as part of a commitment to ease the entire process. Previously, WazirX announced withdrawals of INR balances in phases following the aftermath of the hack. Users expressed diverse opinions on the phased implementation although a large section hailed the reduction in withdrawal fees. In answering questions concerning the hack, Shetty explained that the exchange had no choice but to pause withdrawals after facing INR freezes. He expressed optimism about regulations bringing relief while highlighting the tough conditions.
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