Indian Exchange Resumes Fiat Deposits and Withdrawals Using New Method
An Indian cryptocurrency exchange has come up with a new method to allow its users to deposit and withdraw rupees despite the crypto banking ban by the country’s central bank. The exchange also guarantees that rupee requests will be processed within 30 minutes or the user will receive ten free XRP credited to their account.
Creative Ways Around RBI Ban
One crypto exchange in particular claims to have found a way around the ban. Giottus, which also offers exchange-escrowed P2P trading service, reopened its fiat support despite the RBI ban. The platform offers BTC, ETH, BCH, XRP, and LTC trading pairs.
Giottus wrote on its website:
The exchange explained that INR withdrawals are only processed during banking hours, adding that “withdrawal requests received after 5 p.m. will take a maximum of 10 hrs or will be credited [the] next day (whichever is earliest).”
Giottus’ Method
Vijay further noted that traders can process volumes of up to approximately 60-70 percent of their collateral deposited with the exchange before additional collateral is required.
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