Bitcoin effect: Cryptocurrency exchanges see long queues
Bengaluru-based Unocoin used to see 1,000 registrations a day in December 2016. Last month, it averaged 10,000 registrations a day. Its overall user base is now close to 10 million. Coinsecure has a message on its website warning users that their KYC (know your customer) process will take time. It is getting around 4,000 registrations a day. The platform has disabled its payment gateway to stop users from paying money before verification. Unocoin, too, has warned users about delays. Others like ZebPay are seeing a similar surge in user registrations and transactions. ZebPay has touched 2 million users.
Jincy Samuel, founder of Coinsecure, said the exchange is not able to manage the load, since it has to verify each user before granting them access. "We have already received huge amounts of funds, and have been pushing notifications that it will take time to complete the eKYCs. We are planning to hire a lot more people (to deal with the surge)," she said.
Informative post....
Coindelta.com and Koinex.in are 2 more exchanges dealing with Cryptocurrencies in India. Both have temporarily halted new user registration.
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