Past few days have been extremely tough for us. We have been heavily involved in talks with our banking partner to allow us a grace period to process the withdrawals but nothing worked out.
We have been reaching out to a number of banks, no help received there as well.
Moreover, due to the lack of funds and resources, we aren’t able to actively work on the wallet maintenance.
Hence with the extreme pain, we have decided to close our operations as we don’t see any future of cryptos in India, after back to back RBI warnings and then the final circular ring-fencing banks from crypto settlement. We have some news from insiders that government itself isn’t positive about cryptos and can be blocking crypto usage in very near future or might allow only very few and selected cryptos.
We request all of our users to withdraw their fund by converting it into IOST coin as this is the coin whose wallet is active now, and we won’t be able to activate any other wallet because of lack of INR funds, resources and time. We request you to finish the withdrawal process by 26 April 2018, 11:59 PM IST, failure to which your account will be closed and we won’t be able to provide any withdrawals thereafter.
How to withdraw the IOST coin:
1. You can withdraw IOST coin at any of exchanges listed on coinmarketcap like binance.com
2. You can make an account on binance.com if you don’t have it already.
3. Convert all your coins to IOST, by selling all the coins and then buying IOST with the INR amount.
4. Go to deposit section of IOST coins in binance.com and copy your deposit address.
5. If you are using the app then click on the red arrow button on the homepage of IOST coin, fill the address from binance.com and enter all the quantity of coins you have.
If you are using the website then go to the balances screen and click on withdraw IOST, fill the address from binance.com and enter all the quantity of coins you have.
6. Confirm the withdraw and your coins will be there (it might take up to 7 days to process all the withdrawal request).
7. If you wish to keep your coins in binance you can, else you can convert it to a coin which is trading on other Indian exchange, and the exchange is also processing INR withdrawals, then you can send that converted coin to the Indian exchange.
There are a couple of queries that our users are dropping to us so we would like to answer those over here as well.
Why INR withdrawal isn’t possible?
Our bank account with IDFC is frozen citing RBI circular. We tried for a grace period of 7 days to process all the INR withdrawals, but no help got from their end.
And we approached multiple banks for opening the current account, but no help received there as well.
Why is Price of IOST high?
Trading happens when a set of users are ready to buy a coin and also a set of users are ready to sell the coin, when a user’s buy order matches another user’s sell order, a trade occurs.
Price of a coin is decided by the users and is totally dependent upon the number of users who are ready to buy the coin at what price and the number of users who are ready to sell the coin at what price.
Now if a lot of users are ready to buy a coin and not sell it, then the price of that coin goes high.
The same case is happening with IOST since a lot of users are buying this coin, its price has gone up on BuyBitcoin exchange.
Why is Withdrawal Fee of IOST high?
IOST is a protocol heavy coin. It is an ERC20 token and has a good number of operations and memory storage, hence it is a bit costly in terms of the transaction. The transaction fee of IOST coin is on the higher end at all the exchanges where it is listed.
Even on Binance, earlier the withdrawal fee for IOST was 250 IOST, now it is 83 IOST.
Why only IOST and not other coins?
Other wallets were going through the security issue and we were working on the security updates, but since the closing of our bank accounts, we have not been able to work actively on those because of multiple reasons mainly because of lack of funds and could see it not getting completed in near future. We added IOST coin very recently with the upgraded security, and it has no vulnerability as the previous coins.
Even if we enable any other coin then also its price is going to move up as IOST, because there won’t be sellers but only buyers.
Please be noted that we will be closing the accounts on 26 April 2018, 11:59 PM IST. We request everyone to withdraw your funds by converting it into IOST by that time.
Hope, you cooperate with us and help us in settling your accounts.