Bitbns faces user withdrawal crisis as banking issues persist in India

Bitbns, a major Indian crypto exchange, is facing a crisis as users report being unable to withdraw funds for months. Investments range from Rs 20,000 to Rs 1.5 crore, with some users unable to access their money for over a year. Complaints have been filed with the National Cybercrime portal. CEO Gaurav Dahake attributed the withdrawal issues to bank account freezes by law enforcement agencies, which have hindered the exchange's operations. Bitbns has reduced withdrawal limits and is currently involved in over 200 legal cases affecting its banking capabilities. Users also claim that Bitbns is offering significantly discounted crypto prices compared to other exchanges, complicating their ability to sell assets. Dahake stated that price differences are influenced by market dynamics and not controlled by the exchange.