If you are in the market for a cryptocurrency exchange, WazirX, a subsidiary of Binance, has been the preferred choice of traders in India that allows buying and selling cryptocurrencies like Bitcoins and Ether, among others. However, in a recent statement issued to its users, WazirX announced that the Paytm Payments bank account would no longer be valid for trade within the application. This means all the payment methods liked NEFTs and IMPS through Paytm will not be supported. This announcement has left its users hanging as they are unable to add money from their banks to trade crypto, and with the current cryptocurrency trade market on the lower side of the spectrum, many of these traders are incurring losses and are unable to cash out of the trade due to unavailability.
The announcement was made public after Paytm decided to disassociate itself from the cryptocurrency trade by pulling off all its available services from trading apps like WazirX. After banks started to block payment gateways, the Paytm account wallet was well integrated and an easy alternative for traders to work around and continue the trade harmlessly. However, since more and more steps are being taken towards regulating the cryptocurrency market, and the prices are plummeting downward, it has become increasingly difficult for traders to pull out their investments while they are still on the profitable side of the business.
Cryptocurrency trading these days has become hard across the globe, with more and more regulators and banking authorities running after the trade market in an attempt to make it a regulated and centralized trade platform for the newer digital currencies. Multiple banks across India have already choked up the payment gateways for trade networks, and following their footsteps, Paytm has also decided to part ways with the cryptocurrency trade.
Other rival payment platforms like PayPal are also ready to pull the plug on cryptocurrency trade, making the decision much easier for Paytm to follow through. The trader community is at a loss of words with the unfortunate situations that have resulted in losses worth millions of dollars. WazirX was reliant on Paytm payment bank for the majority of its trade after multiple banks had started to team up against the unregulated and decentralized cryptocurrency trade. It is yet to see how the cryptocurrency market turns out with the unavailability of banking support for traders. According to market experts, the situation will likely worsen in the next few days until the trading applications find new banking partners for transfer and deposit options.