Saturday, February 4, 2023

Indian Crypto Users Express Their Anger Against Issues On Exchanges

The Indian cryptocurrency investors have expressed their anger against the crypto exchanges for not being able to process their transactions on time. Currently, the multiple exchanges in the country are facing downtime because of the increasing traffic on their platform.

While questioning the Indian crypto industry, Nik Sharma, one of the crypto investors, asked by whom the exchanges are being regulated in the country? He demanded an answer regarding an email id, using which a customer could file their complaints. 

On May 04, Sharma was trying to cancel his Dogecoin sell order, but it took him two hours to complete the process because the exchange (WazirX) he was using, crashed. Soon he raised tickets on WazirX’s app regarding the issue but to date, all seven tickets have been unattended by the exchange. 

The CEO of WazirX, Nischal Shetty, tried to attend to all the concerns raised by the customers and told them the exchange crashed because it experienced heavy traffic. 

Shetty further said, “As more users got on board the site, even the legitimate requests were getting blocked as our AI detected them and incorrectly marked this as a threat. The need of the hour is to onboard more coders and not add more servers.”

As per the exchange, the sudden surge in the value of Dogecoin attracted more audiences to the exchange. Almost one lakh users were active on the platform at the same time. 

Arpit Biyani, another WazirX user also raised his complaint on Twitter and told that he suffered a loss because the exchange services were halted for a few hours. 

Before the exchange was crashed Biyani was placing a stop-loss order on Dogecoin, which at that time was at $0.79, but later came down to $0.74. Biyani questioned the exchange and asked who would pay the loss he has experienced?

Shetty, while blaming the banks replied to the complaint and said, “Banking partners like ICICI Bank have stepped down, so we found replacements (a private bank). However, there are customers who still deposit in the old bank account, which causes the delay.”

Apart from Wazirx, CoinDCX was another Indian crypto exchange to face criticism from its customers. 

According to the complaints raised by the customers, many of their accounts were logged out and when they tried to log in, the users were unable to do so. Also, some of the customers have told that they saw incorrect trading rates on the platform.

On May 05, the co-founder of CoinDCX, Neeraj Khandelwal, told the customers that recently, the exchange experienced huge traffic therefore, its systems were tested and some key APIs on the platform failed. The platform was unable to recover the system, for 18 minutes the exchanges were under maintenance.

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