Indian Exchange WazirX Halts INR Withdrawals

• WazirX has partnered with an alternative payment service provider. 
• The crypto exchange didn’t provide any ETA on the resumption of INR withdrawals.

WazirX, the Indian crypto exchange, has temporarily halted fiat withdrawals from its trading platforms. Indian crypto users have not been able to withdraw Indian rupees (INR) for over 24 hours. The suspension is due to complications with the crypto exchange’s payment provider.

According to the withdrawal page on the trading platform WazirX, INR withdrawals are temporarily paused due to maintenance at their payment partner bank. Moreover, the crypto exchange mentioned that the team is working to resolve the issue and has partnered with an alternative payment service provider. 

WazirX is Working on Resolving the Issue

Adding to that, the crypto exchange didn’t provide any ETA on the resumption of INR withdrawals on the platform. Moreover, the crypto exchange announced to its users that the alternative payment service provider had enabled a 10% initial rollout. The exchange added that the team is working on resolving the issue and resuming the withdrawals. However, the WazirX team refused to provide an ETA.

According to the report, users can still use the P2P option to sell their crypto assets to other users on the crypto exchange. The crypto exchange states that it will roll out the INR withdrawal option for every user within a couple of days. This abrupt suspension has ignited concerns and speculation within the Indian crypto community.

WazirX got into legal issues earlier this month when the Indian operator of the cryptocurrency exchange received a show-cause notice from the Enforcement Directorate of India. The Foreign Exchange Management Act was used to issue the notice in connection with a $32.7 million money laundering scheme.

At the time of writing, WazirX’s native token, WRX, is trading at $0.1045, with an increase of over 0.52% in the last 24 hours. On the other hand, the daily trading volume of WRX has experienced a massive surge of over 625.15%, according to CoinMarketCap.