Are you trapped by COINSWITCHKUBER and RANVEER SINGH?

Indians are slowly considering cryptocurrency as a safe mode of investment. To invest in cryptocurrency you require crypto exchange platforms. CoinswitchKuber proposes to be one of the top crypto exchange of India. But wait...Did you hear about how CoinswitchKuber is facing some issues on their platform? This issue is creating trouble for there users and retail investors. CoinswitchKuber is widely advertised by Ranveer Singh. Are you trapped by them? If yes - so am I! 

So, let’s try to list and understand  the errors and bugs on coinswitchkuber.

CoinswitchKuber:

CoinswitchKuber was launched in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar. You can use CoinswitchKuber to buy more than 100 cryptocurrencies such as Bitcoin, Ethereum, Litecoin. In October of 2021 CoinswitchKuber became the second cryptocurrency unicorn in India. It is currently valued at $1.9 billion i.e., Rs 14,188 crore.

They are recognised as developers of a decentralized cryptocurrency exchange aggregator platform that intends to serve investors. The company's platform simplifies cryptocurrency trading and permits users to trade over a number of cryptocurrencies, along with the ability to buy cryptocurrency with a credit card at competitive rates, enabling users to streamline their trades.  

You may have seen Ranveer Singh on television rap for CoinswitchKuber in his ads. On October 2021, Ranveer Singh became the official brand ambassador of CoinswitchKuber. They have more than 15 million users in India. While the rap is indulging, is the app appealing as well? Sadly, of late, the answer is a NO.

Error and Bugs in CoinswitchKuber:

CoinswitchKuber has all the major coins listed in their system, which one can buy easily. Buying coins is simple, the process is easy but here is a catch, Just like any other trader you might want to withdraw the coins or transfer the coins to some other wallet (e.g., Metamask/Trustwallet) but you cannot do that from Coinswitchkuber. 

This is the major flaw of the platform as we all know this is against the concept of
decentralization  and Coinswitch seems to be going against the rules of the land royally.

What does this mean?

CoinSwitch Kuber doesn’t let its users withdraw or move their funds from the coinswitch kuber wallet to any other wallet To withdraw investment, investors they have to first sell the crypto assets on the exchange and then get their money deposited into their bank accounts. This is very annoying thing for retail investors and also it is against decentralization. The Indian government has not told any exchange to stop the withdrawal of coins, I feel this is against decentralization and needs to be stopped. The exchange does not have the right to hold the coins of its users nor force them to stay stuck at the same place..

Many retail investors are trapped by this action of CoinswitchKuber, . So technically this means, coinswitch kuber wants to control the investors and these investors don't actually have the freedom to use their own coins.

Seeing the current situation and with no update from their end, it looks like the control is ultimately in the hand of CoinswitchKuber. Unless they solve this withdrawal issue thet users will have to face this hard time.

Decentralized Cryptocurrency:

Decentralization is the main backbone of cryptocurrency. Decentralized exchanges (DEX) are a type of cryptocurrency exchange which allows for direct peer-to-peer cryptocurrency transactions to take place online securely and without the need for an intermediary. In transactions made through decentralized
exchanges, the third party entities such as banks, government bodies, online payment gateways, stockbrokers, etc., are substituted by blockchains.

Decentralized cryptocurrency exchanges operate in a decentralized manner, without any interference from a third party, CoinswitchKuber here is acting as a third party and has disabled the withdrawals. They seem to promote decentralization but in reality, they are contradicting through their actions. Lots of retail investors are suffering from this action of CoinswitchKuber. Many of them have raised the issue on twitter as well. Have a look on how frustrated the investors here:

Hey, Kamlesh! It is disabled as we are still working towards a suitable solution to allow crypto withdrawals while ensuring compliance with all the Indian laws and regulations. Our team is continuously working on this and you will be updated at the earliest. We request (1/2)

— CoinSwitch Kuber Support (@CSKSupport) February 1, 2022

Wazirx and CoinDcx’s official response on the situation

 

Is this happening with all the Indian exchanges @CoinDCX @smtgpt @WazirXIndia @NischalShetty @eth_us? What about the banks facilitating deposits on @CoinSwitchKuber? Are you guys aware of this @udaykotak @jay_kotakone @HDFC_Bank @AxisBank @YESBANK @ICICIBank? #MyCryptoMyRight https://t.co/DWmpRMfi3G

— Harjinder Singh Kukreja (@SinghLions) January 28, 2022

Strange! Friends from India are suffering, as @CoinSwitchKuber holds users crypto forcefully. Not allowing them to take custody of their own crypto. What happened to #Decentralization & #Crytpo ?#MyCryptoMyRight https://t.co/lVDQgrvOsK

— Keith “NFT kid” Berry (@kokid951) January 24, 2022

CoinSwitch Kuber is the #third class and worst #crypto #Exchange I have ever seen in my life.

From 8-month TRX sending Option is disabled just in the point that India will regulate then will enable it.@CoinSwitchKuber @CSKSupport @ashish343 @NairSharan

— ⬛◼◾▪▫🇮🇳Milli0n@ire_Mo🇮🇳▫▪◾◼⬛ (@Cryptoi_Mo) January 24, 2022

Inexplicable why @CoinSwitchKuber doesnt allow you to transfer your ETH to @MetaMask (when i think @CoinDCX allows)@ashish343 @govind1246 - it cant be that hard. https://t.co/gAfMbpuigN

— Sajith Pai (@sajithpai) December 20, 2021

@CoinSwitchKuber @CSKSupport pic.twitter.com/jNTaXD4ehD

— pankaj pokhariya (@ppokhariya) February 13, 2022

 Do we really need these control freaks around? Let me know in the comments below.