Users have been complaining of another issue related to Cryptocurrency Exchange Deposits and this time it’s a bigger issue than earlier ones. Major Indian Exchanges like WazirX, CoinSwitchKuber, CoinDCX, etc are a few names that face issues related to deposits and withdrawals for their customers. Let’s dive in deeper to understand the causes behind this and help clear some doubts about it.
So what’s causing this issue?
You might be aware that recently ICICI bank asked the payment processing companies to stop providing its banking services to merchants dealing in cryptocurrencies. Soon after that announcement, new virtual accounts were allotted to customers and were changed by the exchanges.
This decision of ICICI bank comes at a time when the industry is growing rapidly and over 10 million users of Cryptocurrency are already existing in the country. This led to a sudden disruption in various services like UPI deposits and IMPS transfers for the exchanges. People’s money is getting stuck and they’re unable to get a refund from the service providers as that can take up to 7 business days or more.
The issues came to a halt temporarily after Paytm Payments Bank raised its hand to support the transactions of retail investors. That didn’t last long as the surge in the number of transactions happening at the exchanges was already massive and the bank had no option but to halt offering its services to the exchanges. This conclusion came from a tweet of WazirX Co-Founder today in the afternoon.
So What Now?
If you’re trying to deposit INR into your exchange wallets, then you won’t be able to do so until the bank finds a solution to the problem. But till that time, how can users trade and make profits on crypto-assets?
P2P Comes to Rescue !
Okay wait, before you get excited about trading again, I have to warn you here. This service comes with some tradeoffs obviously. As the name suggests it’s peer-to-peer meaning that some person on the other end will send you money in exchange for your crypto if you’re a seller or you have to send money to some random person in exchange for crypto.
There are some serious problems with this service, but I don’t want to discourage you at all in the very beginning. Well, I’m sharing my experience with p2p which I faced 2 days back. I was trying to sell USDT in exchange for INR and I was matched with 3 buyers for the transaction. The amount wasn’t significant it was around 46 USDT and I had to check and confirm three payments to my bank account.
Guess what happened, 2 guys paid me as stated and I confirmed the transaction on the WazirX app but the 3rd guy didn’t send me the money and my USDT is still stuck on the escrow service. As you might know, the support service is pathetic on WazirX, I’ve been waiting for more than 48 hours to get my USDT unlocked. This is genuine feedback from my end and isn’t biased towards anyone.
Finally, Should you use p2p now?
Okay, this type of incident may happen 2 times out of 10 transactions. I tried today morning as well and it went smoothly but if the transaction is of a large amount and gets locked in an escrow well, you’re screwed up until support helps you out.
We will make a guide on p2p soon. I’ll update the link to this article. Till then I hope this was easy to understand. Stay safe and happy.