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BitBns Instant Withdrawals for INR are Live, Here are our Test Results

Last night a notification went out to all Bitbns App users, “Instant Withdrawals are now Live”. So we attempted it to see if they are actually instant or is there a Caveat. Late Comers Bitbns is one of the few exchanges in the list which does did not offer instant or fast withdrawal. In fact, on certain occasions it took over three days to receive INR in bank accounts. They…

Exclusive: How OKEx and Bitbns Plan to Work together in India!

One of World’s largest Cryptocurrency Exchange OKEx announced a “Strategic Partnership” with one of India’s largest Cryptocurrency Exchange Bitbns on twitter. The cryptic post reveals no details about it. Technical and Marketing collaboration The partnership between the exchanges is said to be both technical and marketing related. Both exchanges will share technology in order to help make a better product. A unique feature on one exchange can then be easily…

Koinex Users sent 36 Lakh XRP to Binance, 15 lakh to Bitbns & 10 lakh to WazirX after Shut Down

It has been over 5 days since India’s largest Cryptocurrency exchange Koinex shut down. Users have been moving their funds to different exchanges. We followed the outgoing transactions on XRP and XLM Ledger Following the trail of XRP XRP is undoubtedly one of the easiest cryptocurrency asset to track. All exchanges have one or two addresses and all the users of the exchanges have unique tags. That makes tracking the…

Bitbns Introduces ‘Super Peer’ for Quick High Volume INR Deposits & Withdrawals

Super Peers are high volume traders on the USDT/INR peer to peer market. This will reduce number of transactions that traders have to do to deposit or withdraw high volumes of INR. Bitbns, one of India’s prominent crypto exchange launched a new feature on their platform on Friday. Any user depositing or withdrawing more than 500 USDT using their USDT-INR P2P platform can now become a “Super Peer”. USDT to…

CoinDelta Shut Down: Users Send 2.84 lakh XRP to Binance, 2.6 lakh to Koinex followed by WazirX and Bitbns

It has been a few hours over 2 days since Indian Cryptocurrency Coindelta exchange closed operations. Users have been moving their funds to different exchanges. We followed the outgoing transactions on XRP ledger. Following the trail of XRP XRP is undoubtedly one of the easiest cryptocurrency asset to track. All exchanges have one or two addresses and all the users of the exchanges have unique tags. That makes tracking the…

Earn Interest on Crypto Holdings: Comparing Bitbns, CoinDCX & Nuo for Lending Digital Assets

Such is the nature of Crypto markets that it is green a minute and another, it is bleeding red. However, there are always some who are unfazed by the ups and downs in the market and are holding onto some of their favourite Crypto assets. I also hold small quantities of many crypto assets. I realised that much like keeping money in banks, I could lend my crypto holdings to…

I tried the new Instant INR Deposit on Bitbns and it did not Disappoint

Bitbns exchange announced INR 2.0, aka instant INR deposit service.  P2P INR deposits are time consuming as user has to wait for the other person to confirm they’ve received the money. Bitbns is removing the waiting period.  Bitbns confirms deposits immediately, as long as the amount is less than 80% of your net worth (INR value of your total holdings.) We test the instant deposit system.  Buying and selling cryptocurrency…

Scam Alert: Scammer targets Bitbns user; Steals 63000 INR

A user lost 63000 INR (~900 USD) fiat, when his account was hacked by a serial scammer on an Indian Exchange. The other user, whose account was used to steal the funds had no idea even his account was hacked and lost crypto worth INR 13000. This happened with a Peer to Peer INR transaction. The exchange intervened, but too late to recover all the funds. Total amount was INR…

How to Deposit and Withdraw INR on BitBns Exchange

Update: Bitbns has introduced a USDT-INR peer to peer trading system to facilitate INR deposits and withdrawals. They have also introduced Super Peer system for high volume transactions. Bitbns has kept INR trading active despite the RBI diktat. They haven’t even launched a P2P exchange or a crypto to crypto exchange. Their resilience have to be applauded and their walking dangerously close to the regulatory line while being so, should…

The Connection Between Bitbns and BidforX, an auction company

Few days back, we wrote about how the new INR deposit and Withdrawals on Bitbns Exchange via a company called BidforX works and how it may probably be risky for Bitbns in the current environment. Users can deposit INR to an auction site BidforX which can inturn generate vouchers that can be used to deposit INR on Bitbns exchange itself. I would also want to talk about the legality of this…