Indian banks are choking bitcoin exchanges by blocking payments and withdrawals
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Just around the time Bitcoin exchanges are being raided bitcoin problem in india India by IT officials and being checked by SEBI and ED for tax evasion and potential economic, legal, customer protection and security bitcoin problem in india risks, several users of Hyderabad-based Bitcoin India, holding bitcoins worth several lakhs of rupees, got locked out of their accounts.
The users have either been locked out of their accounts or have been unable to deposit or withdraw from it. The panicked users took to social media to express their distress and fear of being cheated by the startup. Some users even showed up at the registered office of the company in Hyderabad demanding a response. Raised tickets but no response. According to a report in FactorDaily, several of the accounts, which have fiat and cryptocurrency worth nearly Rs 50 lakh, show zero balance. However, over the past few months, bitcoin has been trending and the number of users grew times but our staff strength was still the same.
One of bitcoin problem in india main issues being faced by most users of Bitcoin India was that their accounts either showed zero balance or they were unable to access their accounts. This, Sykam says, is because when users try to trade several times buy and sell on a single day from an account, the server flags the account as suspicious and temporarily bans it. Despite nearly 1, people posting on Facebook Live asking for resolution of this issue, Sykam claims that only users have been locked out due to suspicious activity.
And to avoid such issues in the future, Bitcoin India has restricted its users from buying and selling more than two times. There have also been issues with withdrawals and deposits. Bitcoin problem in india claims that the withdrawal issue should be solved in the next 48 hours while deposits will take a little more time.
Facing severe backlash from users, including a few news reports about Bitcoin India not responding to its users, Sykam also went live on Facebook to assure its users that Bitcoin India was not a fraudulent company. Bitcoin India is currently facing a scalability issue. As we are clearing old queues, new ones are coming.
We have in fact limited a few features on our platform and deployed manpower from there to clear queues. We are not robots. There are different kinds of issues from different kinds of users speaking different languages.
What added to the tension for users and for the startup, were news reports over the past week about IT officials conducting raids at Bitcoin exchanges. Sykam says fearing action against their company as well, several employees decided to take leave and not show up for work, making matters worse for the company.
Founded by Sykam inBitcoin India is one of the few bitcoin startups in India that support multiple cryptocurrencies including Bitcoin, Ether, Dash, Litecoin and offers Bitcoin mining subscription plans. It has a wallet and allows trading on its platform. Bitcoin India is now in the process of hiring more employees, especially for bitcoin problem in india customer service team to be able to handle the increasing traffic.
We are hiring more employees and hopefully by end bitcoin problem in india January, customer services will be back to bitcoin problem in india. By the end of next year, Bitcoin Bitcoin problem in india will be increasing its employee strength to at least employees. Skip to main content. Distressed Bitcoin India users cry foul. The Bitcoin India chief has said there is no need to panic and has assured the safety of accounts. Why users have been locked out One of the main issues being faced by most users of Bitcoin India was that their accounts either showed zero balance or they were unable to access their accounts.
Background Founded by Sykam inBitcoin India is one of the few bitcoin startups in India that support multiple cryptocurrencies including Bitcoin, Ether, Dash, Litecoin and offers Bitcoin mining subscription plans.
