[Update: Dogecoin deposits & crypto withdrawals disabled] CoinSwitch Kuber temporarily disables INR deposits due to issue at partner bank's side, fix in works
New updates are being added at the bottom of this story…….
Original story (published on May 10, 2021) follows:
With the growing hype of Cryptocurrencies, trading isn’t limited to a few folks in India now. Many exchanges have emerged that make it easy for even beginners to trade.
CoinSwitch Kuber is one such exchange that offers a minimalistic interface and accepts INR deposits with both IMPS and UPI.
In fact, the company CEO and Co-founder, Ashish Singhal even said that they want to make crypto trading as easy as ordering food.
The company saw a surge in its overall user base, thanks to the easy-to-use UI. But a gush this big brings multiple issues along, mainly with servers.
With growing demand, it sometimes gets difficult for exchanges to keep things running. CoinSwitch Kuber has bumped into a similar situation where the INR deposits have been compromised.
The app was working flawlessly last night where users were able to deposit INR to their wallets and trade without any hassle. But the app took a hit this morning.
Users brought this issue to the company’s notice by raising complaints on Twitter. They are no longer able to deposit funds in the wallet.
Dear Team, It’s really disappointing & discouraging that CoinSwitch Kuber’s INR deposit option is not operational / working since morning. Sometimes, it’s UPI doesn’t work and now INR deposit -both. How can customers put faith on this kind of discouraging/unfaithful services.
When the market is down you can’t deposit INR. It is the truth of CoinSwitch Kuber. I can’t trust this app fully…
This could taint the good image the app has enjoyed so far in the trading domain as not just users but the app will also see a downward graph with trade being compromised.
The company, however, has communicated that the issue is known and is due to a problem at the partner bank’s end.
Hey! This is due to an issue that we are facing on the partner bank’s side which is being rectified and being worked upon. We apologize for the inconvenience and regret the same. Please be assured that we are working on this to get the services back online.
We have a similar situation for Binance-owned Wazirx as well where INR deposits are completely down.
Issues like these may pose serious troubles to the exchanges which may even end up losing their hard-earned user base.
We would have suggested the peer-to-peer way of loading money into the wallet but unfortunately, CoinSwitch Kuber doesn’t support it yet.
Well, while the company engineers and partner bank get this issue resolved, there’s literally no other option but to wait for things to get back into place.
There are plenty of other apps available too that still allow users to deposit money. KYC barely takes any time so it deserves a shot.
Update 1 (May 26, 2021)
IST 10:27 am Coinswitch Kuber has released a statement regarding the ongoing issue of payment deposits and withdrawals. Here’s what the support says.
That said, we will continue to track developments of CoinSwitch and update this page as more information is available.
Update 2 (June 21, 2021)
IST 16:45 pm Going by the latest information coming from support, Dogecoin deposits and crypto withdrawals have been temporarily disabled.
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