India: Giottus & PocketBits Stop INR Withdrawals
Giottus and PocketBits were the last of the remaining exchanges in India which had their INR deposits and Withdrawals working. Many exchanges had shut down their deposit and withdrawals before the 5th of July. However a few exchanges managed to keep rendering services thanks to their respective bankers giving them some leeway.
Giottus has temporarily disabled INR withdrawals since end of day (eod) on 25th July and Pocket Bits will disabled INR withdrawals to your bank account directly from its exchange from the 27th July EOD.
Recently on a telegram chatroom for a particular Indian exchange I saw the owners expressing their disappointment over the state of affairs. It's true that small businesses that are providing high quality services in this space in India are forced to nearly shut down operations because of lack of regulation and inconvenience caused due to it.
But as a user you don't need to worry too much. You are welcome to use other exchange offering P2P services. Giottus for example has a P2P module so you can continue trading your positions on Bitcoin or other cryptocurrencies on their exchange.
There's no need to be worried about these updates because the market has adapted to changes and we have more solutions today than ever before.
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Wazirx can also be used for p2p trading and withdrawals.
Really great updates thank you for the information
You are a great investor
@firepower did you happen to see that Huobi has set up a P2P exchange in India specifically because of the regulatory environment? They just announced this earlier today.
It's pretty normal now to see exchanges shutting down their bank withdrawals each day but iam really happy that they introduced P2P for saving us and to allowing us buying and selling in Cryptocurrencies without any worries.
Yeah. I'm curious to see what the government does to deal with this situation in the days to come.
nice knowledgeable post
Great updates,yes we are lucky enough to get new opportunies for our deal.It is a situation like as ,If devil closes one door god opends the other for us .You are very active to give us the updates,thanks dear @firepower.God bless you.
nice scenery post
I love ur work in this context. I prefer reading your blog posts than newspapers in thia regard.
Banks will also be losing a lot profit which they were earning on the transactions done on the exchanges.