Bitcoin India Accounts Locked Out for a Month
HomeCryptocurrency NewsBitcoinist.com

Bitcoin India Accounts Locked Out for a Month

Unlike banks that have some oversight in how they can control one’s access to their accounts, cryptocurrency exchanges are a law unto their ...

More Crypto Exchanges Set up Shop in India Despite RBI Ban
South Africa Gets Its First Multi-Currency Crypto ATM
Decentralized Risk Platform GRE to Bring Risk Trading to the Masses

Unlike banks that have some oversight in how they can control one’s access to their accounts, cryptocurrency exchanges are a law unto their own. Traders using Bitcoin India have found this out the hard way as the exchange has locked them out of their accounts for up to a month.


According to Factor Daily, Bitcoin India, founded in 2014 and headquartered in Andhra Pradesh’s Prakasam district, is one of the few exchanges in India that supports multiple cryptocurrencies, including Bitcoin, Ether, Dash, Litecoin, and others, in addition to the mining contracts that it offers.

Locked Out

Traders and investors, many holding fiat currency in their accounts, have been locked out for almost a month, unable to trade or withdraw any of their funds. Many have become annoyed at the fact they have missed out on the biggest bull run Bitcoin and altcoins have had to date. One told local media:

I have around Rs 10 lakh ($US15.6K) in cash and Rs 30 lakh ($US47K) worth of cryptocurrencies locked in my account since November. I could have easily made Rs 5 lakh ($7,800) in profit if I was able to access and trade in my account.

According to a number of investors on the Bitcoin India platform, the lockout began in September when they started to receive messages and pop-ups saying that they have been logged out of their accounts due to suspicious activity or exceeding trade limits. Traders insist there was no clause in their agreement with Bitcoin India of any limit on trades.

Bitcoin India told a Delhi-based networking engineer that he had crossed his buy and sell limit. To that, he says:

I had joined Bitcoin India because they showed better rates for cryptocurrencies and had also offered more cryptocurrencies to trade. We were also able to do multiple trades and company had said that we were allowed to do unlimited trades on the platform.

Steam Drops Support for Bitcoin Payments Citing Wild Price Swings, High Transaction Fees

Unresponsive

Attempts by local traders and media to contact the company have so far been fruitless.  However, in a press release on Thursday, Bitcoin India said:

Due to recent unexpected user growth that is driven by soaring demand in Asia to buy/sell digital assets, which lead us to get huge number of support tickets all of sudden, we are currently experiencing delays resolving support tickets. Our team is working through these tickets as quickly as possible and we are adding additional resources to get through the backlog.

The lesson to learn from this is that unregulated exchanges can do what they want, so it is best to store your crypto in a private online or hardware wallet, not on the exchange.

Where do you store your crypto: exchange or wallet? Let us know in the comments below. 


Images courtesy of Pxhere and Bitcoinist archives.

The post Bitcoin India Accounts Locked Out for a Month appeared first on Bitcoinist.com.



from Bitcoinist.com http://ift.tt/2pcYUGT
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: Bitcoin India Accounts Locked Out for a Month
Bitcoin India Accounts Locked Out for a Month
http://ift.tt/2hM4lVC
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2017/12/bitcoin-india-accounts-locked-out-for.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2017/12/bitcoin-india-accounts-locked-out-for.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy