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For more than two years, thousands of investors in India have been facing trouble withdrawing their own money from BitBNS, a major cryptocurrency exchange. Over the past 12 months, the exchange has locked funds of investors and halted all withdrawals, but are happily accepting deposits.Obscurity, Deception and Unethical Practices: Thy name is BitBNS
Despite large protests by investors against the exchange, their supposedly obscure operations have largely gone under the radar of Indian authorities, mainly due to an overall disdain of cryptocurrencies by India’s central bank- The RBI. In the wake of the recent WazirX exchange and subsequent suspension of customer funds, several investors are now wondering if WazirX is following the course of BitBNS.
The Crypto Times reached out to several victim investors of BitBNS who have been waiting for their funds withdrawal to initiate and found a story of deception, lack of transparency and outright unethical practices.
The Story of BitBNS
Established in 2017, BitBNS has been founded by Gaurav Dahake, Prashant Singh and Srikanth Sethumadhavan and operates under the company ‘Buyhatke Internet Private Limited’. The exchange boasts of pioneering p2p payment services in India and hosting over four million Indian users in the past seven years of their operations.
Currently they have a trading volume of just about $1.25 million and list 122 coins, as per data by coingecko.
Customers Facing Withdrawal Issues Since 2020
The customers of BitBNS have claimed that they have been facing issues in funds withdrawal from the exchange. Initially, the exchange owners had blamed “minor technical glitch” as the reason behind delays in the withdrawal process. However, a probe into the workings of BitBNS show that they stand at the opposite end of transparency.
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Since 2020, several thousands of BitBNS investors have been facing issues in withdrawing their own funds, and there is no clarity from the end of BitBNS. Harrowed customers have now taken to different social media platforms to express their anguish and frustration.
For more than two years, thousands of investors in India have been facing trouble withdrawing their own money from BitBNS, a major cryptocurrency exchange. Over the past 12 months, the exchange has locked funds of investors and halted all withdrawals, but are happily accepting deposits.
Despite large protests by investors against the exchange, their supposedly obscure operations have largely gone under the radar of Indian authorities, mainly due to an overall disdain of cryptocurrencies by India’s central bank- The RBI. In the wake of the recent WazirX exchange and subsequent suspension of customer funds, several investors are now wondering if WazirX is following the course of BitBNS.
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The Crypto Times reached out to several victim investors of BitBNS who have been waiting for their funds withdrawal to initiate and found a story of deception, lack of transparency and outright unethical practices.
The Story of BitBNS
Established in 2017, BitBNS has been founded by Gaurav Dahake, Prashant Singh and Srikanth Sethumadhavan and operates under the company ‘Buyhatke Internet Private Limited’. The exchange boasts of pioneering p2p payment services in India and hosting over four million Indian users in the past seven years of their operations.Obscurity, Deception and Unethical Practices: Thy name is BitBNS
Currently they have a trading volume of just about $1.25 million and list 122 coins, as per data by coingecko.
Customers Facing Withdrawal Issues Since 2020
The customers of BitBNS have claimed that they have been facing issues in funds withdrawal from the exchange. Initially, the exchange owners had blamed “minor technical glitch” as the reason behind delays in the withdrawal process. However, a probe into the workings of BitBNS show that they stand at the opposite end of transparency.
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