Cryptocurrency Exchange Bitcoin India Locks Out Traders Accounts for a Month
Digital currency exchange Bitcoin India has locked out the accounts of several of its traders due to alleged suspicious activities or exceeding their trade limits.
The traders who were unable to trade or withdraw any of their funds were annoyed because they were not able to invest during the biggest bull run that were shown by the leading virtual currency Bitcoin and several other cryptocurrencies.
According to one trader, the money in his/her account in the Andhra Pradesh, India-based exchange has been locked out since November and he/she could have easily made a profit of five lakh rupees ($7,800) if he/she was able to trade in his/her account.
“I have around Rs 10 lakh ($US15.6K) in cash and Rs 30 lakh ($US47K) worth of cryptocurrencies locked in my account since November. I could have easily made Rs 5 lakh ($7,800) in profit if I was able to access and trade in my account.”
A networking engineer also claimed that he was informed by Bitcoin India that the reason for locking out his account was he already exceeded his buy and sell limit. He claimed, however, that the reason he joined the platform due to such offers as unlimited trades.
“I had joined Bitcoin India because they showed better rates for cryptocurrencies and had also offered more cryptocurrencies to trade. We were also able to do multiple trades and company had said that we were allowed to do unlimited trades on the platform.”
In its press release on December 21, 2017, Bitcoin India claimed that the lockouts were due to the sudden surge of support tickets that they have to process, which resulted in some delays. The exchange also added that it is trying its best to resolve the situation as soon as possible.
“Due to recent unexpected user growth that is driven by soaring demand in Asia to buy/sell digital assets, which lead us to get huge number of support tickets all of sudden, we are currently experiencing delays resolving support tickets. Our team is working through these tickets as quickly as possible and we are adding additional resources to get through the backlog.”
Bitcoin India supports multiple cryptocurrencies in its platform, including Bitcoin, Litecoin, Ethereum, and Dash.