- The Story of BitBNS
- Customers Facing Withdrawal Issues Since 2020
- June 27, 2023: Day of Horror for BitBNS Investors
For more than two years, thousands of investors in India have been facing trouble withdrawing their funds from BitBNS, a major cryptocurrency exchange. Despite protests, the exchange's operations remain largely unnoticed by Indian authorities.
The Story of BitBNS
Established in 2017, BitBNS was founded by Gaurav Dahake, Prashant Singh, and Srikanth Sethumadhavan, operating under Buyhatke Internet Private Limited. The exchange offers p2p payment services in India and hosts over four million users. Currently, according to coingecko, they have a trading volume of about $1.25 million and list 122 coins.
Customers Facing Withdrawal Issues Since 2020
BitBNS customers have cited issues with fund withdrawals since 2020. Initially, exchange owners blamed “minor technical glitches” for withdrawal delays, but further investigation indicated a lack of transparency. Thousands of investors have encountered these problems, and BitBNS has not provided clear information. Frustrated customers have expressed their dissatisfaction across various social media platforms.
June 27, 2023: Day of Horror for BitBNS Investors
On the morning of June 27, 2023, several WazirX investors found their portfolios reduced to zero. Shortly after, BitBNS co-founder Gaurav Dahake claimed it was another minor glitch, halting all withdrawals. The process of returning funds has been harrowing for investors. The exchange has not clarified how many portfolios have been restored or the current status of the withdrawal requests.
This is not the first time an Indian cryptocurrency exchange has faced significant user-impacting issues. BitBNS now finds itself under scrutiny for concerns similar to WazirX. The lack of clear announcements regarding missing funds raises suspicions of an escape plan rather than a genuine resolution.
