Bitbns, one of India’s leading cryptocurrency exchanges, is under fire as users report being unable to withdraw funds for over a year. Complaints filed by 25 affected users highlight significant delays, alleged fund disappearance, and lack of resolution from the exchange.

In October 2024, a Delhi-based user filed a complaint with the National Cybercrime portal, claiming he was unable to withdraw investments amounting to ₹80 lakh, including 1.02 Bitcoin, 2.5 Ethereum, and 4,000 Tether. The case, now under investigation by the Delhi Police, has spurred similar complaints nationwide.

Affected users allege that Bitbns’ withdrawal system is dysfunctional. Attempts to withdraw funds through the platform’s recommended USDT P2P payment method often result in automatic cancellations. Subsequent support tickets receive only generic responses, with no resolution in sight.

“Funds disappeared entirely after failed withdrawal attempts,” stated the complaint. Despite repeated follow-ups, users claim they have been unable to access their money, either in INR or crypto.

Advocate Dinesh Jotwani, representing several users, revealed that investments ranged from ₹20,000 to ₹1.5 crore. He noted that Bitbns’ founders are reportedly untraceable, possibly operating a new venture in Dubai.

While Bitbns’ office in Bengaluru remains open, users report no direct access to the company’s leadership. Efforts are underway to file a Public Interest Litigation (PIL) to expedite investigations.

The crisis emerges as crypto markets rally following Donald Trump’s pro-crypto victory in the 2024 U.S. Presidential election. However, Bitbns’ ongoing challenges cast a shadow over India’s crypto sector, raising concerns about transparency and investor protection.

Authorities are urged to act swiftly to resolve the crisis as affected users demand accountability from the platform.