Indian crypto exchange WazirX has kicked off the first phase of INR withdrawals giving users access to half of the available 66% balances. The exchange looks to settle the total user balances in two weeks while expressing commitment towards the frozen 34%. Digital asset users continue to question the steps taken so far by the crypto exchange.
WazirX Looks Toward Two-Week Timeline
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. We’re also working hard to resolve the frozen 34% of INR as quickly as possible.”
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… pic.twitter.com/SmIlWZJhwj
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 26, 2024
Platform Announces Reduced Fees
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.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/wazirx-reveals-potential-timeline-for-inr-withdrawals-settlement/
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