“Not even a single bank is available to deposit INR to my crypto wallet. The crypto market is at the bottom now, and this is the time to buy and average out my coins, but my hands are tied,” Akshay Golellu, 25, a Pune-based crypto investor, sums up the feeling of hundreds of thousands of investors who are unable to deposit and withdraw any digital assets from popular Indian crypto exchanges.
This comes as Indian investors face up to the reality of declining value of digital assets after the crypto market plunged more than 50 per cent and hit an 18-month low. “I used to think withdrawal and deposit challenges are common with public banks, but crypto exchanges are now competing with them in this matter. I know something as simple as withdrawals and deposits of your own money, and investments shouldn’t be something adding up to your problem list, but it is as good as it gets,” said another crypto investor Ritesh Kalvellu, 27, an IT professional.
Today, we list all the facilities (deposit and withdrawal) currently available on Indian crypto exchanges.
Cryptocurrency exchange WazirX has paused all withdrawals and deposit services via any mode of net banking, such as NEFT, or IMPS. The only way left out for users is the P2P service. Peer-to-Peer trading (P2P) allows the buying and selling of cryptocurrencies without the need of any third party or intermediary. Although you technically require a platform where buyers and sellers can connect, you don’t need to transact with the platform necessarily. All transactions occur between the two parties — seller and buyer.
On WazirX, a minimum of 14.5 USDT can be bought on the P2P market. As per WazirX, it does not charge any fee for facilitating P2P services.
Indian crypto exchange CoinDCX has restricted crypto deposits and withdrawals for multiple users, it said in a blog post this week, citing compliance, risk and monitoring requirements. Due to enhanced requirements for seamless rupee deposits & withdrawals, CoinDCX has been strengthening its compliance and risk framework, the company said. Notably, users can still deposit and withdraw INR through net banking services. CoinDCX has only paused crypto withdrawals, which means users won’t be able to deposit or withdraw their assets.
“This was done in a series of steps, including improving KYC coverage, enhancing the risk framework for crypto deposit & withdrawal, and integrating with compliance and monitoring tools like Coinfirm, Solidus Labs, Signzy, Digilocker, etc., over the last six months. Over the past month, we have gradually restricted crypto deposits & withdrawals for multiple users,” it added.
Coinswitch Kuber has also suspended crypto withdrawal services, citing KYC requirements. The platform responded to a Twitter user, saying deposits and withdrawals have been disabled because it needs further clarity from regulators and policymakers. On Coinswitch Kuber, NEFT, IMPS, and RTGS are available for INR deposits and withdrawal.