WazirX Resumes Partial INR Withdrawals as phase 1 goes live

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As a seasoned analyst with years of experience in the volatile world of cryptocurrency exchanges, I must say that WazirX’s decision to resume partial INR withdrawals is a step in the right direction, albeit a tentative one. However, the lingering suspension of full withdrawals and the lack of a clear timeline for restoration is a cause for concern.

At last, WazirX users can now access part of their stranded funds, as the platform has initiated partial Indian Rupee withdrawals. This decision follows an extended halt due to a cyber-attack that occurred previously, leading to a staggering loss of approximately ₹2000Cr ($230 million).

In the initial stages, I’m delighted to inform eligible users that they can withdraw up to half of their allowed 66% limit for their INR balances. To streamline this process, WazirX has generously lowered the withdrawal fees by an impressive 60%. These fees will now only be INR 10, a significant reduction from the previous INR 25.

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 26, 2024

Although the restart of some withdrawals is progressing, it’s crucial to mention that the full withdrawal of Indian Rupee (INR) balances is still on hold. Unfortunately, WazirX has yet to specify a schedule for fully resuming their withdrawal services.

Community Response

A user comment on wazirX post., Only 66%, and even that’s cut in half… What mistake did Indian users make? We trusted you blindly… And now you think you’ve done us a favor by reducing the fee by 60%? If you have any shame left, allow full withdrawals with zero fees.”

As a crypto investor, I’ve often pondered this question: “Given that more than 95% of users keep their funds in cryptocurrency, how can we address this issue?”

Since WazirX is currently unable to process crypto withdrawals for an extended period, users may find themselves waiting longer and potentially missing out on any forthcoming investment chances.

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2024-08-26 17:40