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Crypto exchanges say payment gateways blocking their transactions

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On Tuesday, Nischal Shetty, the chief executive of cryptocurrency exchange Wazirx, took to Twitter to express concern over banks refusing crypto transactions.
They were citing a 2018 RBI ban on banks dealing in crypto, which the Supreme Court had struck down in 2020, he said.
Day 915Confusion in India’s banking industry is hurting 1.5 CRORE Indians in Crypto.The Honourable Supreme Cour… https://t.co/OUzdWlevzW Nischal (WazirX) ⚡️ (@NischalShetty) 1620102711000
A top executive of another crypto platform, who did not wish to be named, also said banks had told payment gateways to block such transactions despite the top court’s directive. ....

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Exclusive: Private Banks are shutting services to crypto-exchanges

Exclusive: Private Banks are shutting services to crypto-exchanges
11 hours ago
Several leading private sector banks have begun shutting off banking services to crypto-currency exchanges in India, over a year after the Supreme Court quashed the Reserve Bank of India’s April 2018 circular which barred banks from working with crypto-firms. These banks include HDFC Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank and ICICI Bank, industry insiders told MediaNama.
In the wake of the SC verdict in March 2020, many banks opened up their services to crypto-currency exchanges and other entities. The RBI did not issue a fresh circular or a new policy for payment companies and banks to follow, when dealing with crypto-currencies, which is why most banks did not hold back. However, due to the regulatory uncertainty surrounding crypto-investing and trading in the country, several banks are now pulling away from offering services to crypto-firms. They have told payment gateways ....

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WazirX server crashes as trading volumes surge 2,000%, token up 1,000%

WazirX server crashes as trading volumes surge 2,000%, token up 1,000%
April 5, 2021
WazirX is now valued at over $1 billion, the first for any crypto-currency exchange in India. In the last 24 hours, the market capitalisation of the crypto-exchanges’ token ‘WRX’ grew by nearly 200% to $1.23 billion. As a result of this surge in demand and higher trading volumes on the platform, on Sunday the exchange faced a server outage.
WazirX’s founder and chief executive officer, Nischal Shetty said, via Twitter, that trading volumes on the exchange shot up significantly to over $270 million and as a result the platform breached the internal limits set by one of its infrastructure providers which is why the exchange went down. For many users on the platform, trades and settlement information were not available on the exchange in addition to delays in processing transactions. ....

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Why Is WazirX Crypto Skyrocketing, Up 930% In A Week?

Bitcoin (BTC), which enjoys a market cap of $1.09 trillion.
BTC traded 1.47% higher at $58,257.32 at press time.
What Else: On Sunday night, WazirX crashed. According to Shetty, the crash was due to “internal limits” set by some of the exchange’s infrastructure providers. Shetty disclosed that system loads were “crazy” on Twitter.
Shetty issued an update in the early morning hours (India time) and said trading was on but warned of “intermittent errors.”
We’re awake and we’re monitoring the systems. There might be intermittent errors, team is working on solving those. https://t.co/qPrHIwL7O0
Significantly, the crash of WazirX came on the same day when its token hit an all-time high of $5.87. ....

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WazirX Exchange Experiences Outage With Users Reporting "0" Funds

WazirX Exchange Experiences Outage With Users Reporting "0" Funds
insidebitcoins.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insidebitcoins.com Daily Mail and Mail on Sunday newspapers.

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