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Indian Crypto Exchange WazirX Stops Bank Transfer Transactions

Indian Crypto Exchange WazirX Stops Bank Transfer Transactions
  • WazirX announced that its Paytm Payments bank account will not remain operational.
  • The news came after the bank revealed plans to stop crypto transactions.

Indian cryptocurrency exchange WazirX has announced that its Paytm Payments bank account will not remain operational. This indicates that users cannot carry out transactions on its platform through the bank transfer option as of now.

Moreover, WazirX said that starting at 11.59 PM on May 20, 2021, Indian Rupee deposits to the Paytm Bank account will not be accepted. More so, in a statement, WazirX mentioned that the bank transfer option using NEFT or IMPS from a bank account will stay unavailable. The exchange also mentioned that it recommends opting for WazirX P2P to buy/sell USDT with INR till another payment bank is brought in.

More so, the news came after Paytm Payments bank revealed to stop crypto transactions. In addition, several banks also mentioned that they will no longer work with crypto exchanges following an ‘informal order’ from the Reserve Bank of India to that effect.

Other Crypto Exchange Also Stops UPI Payments

Along with WazirX, other crypto exchanges like CoinSwitch Kuber and CoinDCX also do not allow UPI payments options for customers after the banks and Paytm Payments bank withdrew the transaction facilities.

However, the Ministry of Finance explores options to regulate crypto transactions in India, apps including WazirX, CoinSwitch Kuber, and CoinDCX find it quite troublesome to provide the Unified Payments Interface (UPI) for its users.

Earlier this month, the National Payments Corporation of India (NPCI) refused to ban crypto transactions in India using UPI and asked the banks to verify with their legal and compliance departments for the necessary steps. Even more, it is now with the decision of banks either to formulate their own guidelines or hold for the policy from RBI and the Ministry of Finance.

Recently, many top cryptocurrency exchanges experienced technical issues, including Binance, Coinbase, Gemini, Kraken, and India’s largest crypto exchange WazirX.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.