Banking institutions showing weak hands in cryptocurrencies. India’s biggest crypto exchange WazirX bank deposits disabled temporarily and unable to provide services of UPI payments. WazirX suspended crypto purchasing & selling saying one of the significant payment options, the bank, would no longer available. Also, WazirX is able to find a new banking partner for bank transfer and deposit options.
WazirX Bank Deposits Disabled Temporarily
WazirX announced that WazirX will stop accepting payments of INR deposits to their PAYTM Bank account from May 21. From a few days, earlier people were facing issues with WazirX deposits and INR deposits for other cryptocurrencies amid the market crash. And now people trying deposit INR through bank transfers, they get the message – ‘Sorry this mode is temporarily disabled.
In a tweet they made yesterday, WaziraX announced that their UPI service is unavailable and users should use P2P service for a while. Users can’t do banks transfer using NEFT or IMPS. If users make any INR deposit via IMPS/NEFT/RTGS to their PayTM bank account, it will revert back within 7-10 days If users want to buy/sell using INR, they have to use WazirX P2P.
Many private banks such as ICICI and Axis bank have stopped providing UPI services to the crypto exchanges. In their defense, they have openly made statements that they consider crypto investments risky. However, the National Payment Corporation of India has publicly said that they will continue providing UPI services to crypto exchanges. Now, it is the bank’s own decision to tie-up with companies dealing with cryptocurrencies.
WazirX also mentioned in their email that they are working hard to open a new bank deposit option for their customers. They also assured their users by twitting that new banking partners are still open for collaboration.
How P2P works
WazirX P2P, allows you to buy and sell USDT directly with other buyers and sellers. Once you choose the quantity of USDT you want to trade. The app then proceeds to match you with sellers or buyers, looking to make a trade at that time. WazirX P2P will search and connect you to any sellers who may want to sell USDT at that time. At the time the exchange gives consent and commences, WazirX keeps the USDT in an escrow account for safekeeping. As a buyer, you make a direct transfer to the seller, using bank transfer or UPI as the mode of payment. Once the seller confirms having received the payment, the USDT is released and added to your WazirX account.
