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  Business   Market  14 Apr 2022  Crypto exchanges halt deposits through UPI

Crypto exchanges halt deposits through UPI

THE ASIAN AGE. | SANGEETA G
Published : Apr 14, 2022, 12:19 am IST
Updated : Apr 14, 2022, 12:19 am IST

Cryptocurrency owners active on twitter asked for regulatory clarity on the issue

Cryptocurrency exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits through United Payment Interface (UPI) for the purchase of cryptocurrency. (Representational Photo: AFP)
 Cryptocurrency exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits through United Payment Interface (UPI) for the purchase of cryptocurrency. (Representational Photo: AFP)

Chennai: Cryptocurrency exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits through United Payment Interface (UPI) for the purchase of cryptocurrency. However, withdrawals are still enabled.

“UPI deposit is disabled for everyone and we are working on it to get it enabled back soon. Please be patient...,” Coinswitch Kuber said in a tweet. Responding to the panicked users, it also said rupee withdrawals are enabled.

WazirX also told users on Twitter that UPI is not available, without specifying any timeframe for fixing the issue.

Last week, the National Payments Corporation of India, operator of the UPI, had stated that it was unaware of its use by any crypto exchange. According to industry insiders, Wednesday’s move comes as a fallout of this one-line statement. WazirX in August 2021 had tweeted that rupee deposits via Google Pay, PhonePe and Paytm UPI were automatically available 24x7. The facility has been available for several months.

Cryptocurrency owners active on twitter asked for regulatory clarity on the issue. India has some 15-20 million cryptocurrency holders.

Tags: cryptocurrency, wazirx, national payments corporation of india
Location: India, Tamil Nadu, Chennai (Madras)