Indian cryptocurrency exchange CoinDCX is facing backlash on social media over its crypto withdrawal restrictions on users. Although the company has explained its decision to comply with AML and CFT guidelines, many remain confused by the diverging information on the platform and website.
Withdrawing with Confusion and a Mess of Information
According to users, the withdrawal of both crypto and INR is delayed. CoinDCX explained that crypto withdrawal is restricted to ensure safety and regulatory compliance. Co-founder Sumit Gupta explained that the relaxation of withdrawal would create danger for the exchange as the authorities freeze bank accounts.
However, the CoinDCX website earlier showed some of the crypto assets as withdrawable, such as Ethereum (ETH), which again went against the company's statements. Confusion was deepened as some users could still withdraw the "crypto" while others were not allowed to do so.
Future Plans on Crypto Withdrawals
Gupta confirmed that crypto withdrawals via CoinDCX work on an opt-in basis at present, and they are done in stages without indicating a time scale. Restrictions went into effect a few months into mid-2023, recently triggering very high user annoyance about the service.
Technical Issues and Long Support Queue
CoinDCX is also experiencing a delay in customer support due to a large number of open tickets. On January 3, the exchange reported that it was still facing issues with
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