After a long wait WazirX users can finally get hands on some of their funds, as the exchange has finally availed partial INR withdrawals. This move comes after a prolonged suspension following a cyberattack that resulted in a loss of ₹2000Cr($230 million).
As part of the initial phase, eligible users will be able to withdraw up to half of the available 66% limit of their INR balances. To facilitate this process, WazirX has also reduced withdrawal fees by a substantial 60%, from INR 25 to INR 10.
While the partial withdrawal resumption is a development, it’s important to note that full withdrawals of INR balances remain suspended. WazirX has not provided a timeline for the complete restoration of withdrawal services.
A user comment on wazirX post., Only 66%, and even that’s cut in half… What mistake did Indian users make? We trusted you blindly… And now you think you’ve done us a favor by reducing the fee by 60%? If you have any shame left, allow full withdrawals with zero fees.”
To which other added, “More than anything 95 % of users have their funds in crypto what about that. What is the solution to that ?”
As wazirx cant open crypto withdrawals anytime soon user will have to wait much longer and might miss on any upcoming investment opportunities.
Also Read: WazirX offers Rs 15 discount, asks users to take 134% hit
