Quote from: Wapinter on June 20, 2021, 08:24:38 PM

Quote from: avikz on June 18, 2021, 05:28:15 PM

Quote from: KryptoKings on June 16, 2021, 08:37:36 AM

I am planning to sell my BTC which is going to be worth 5 figures (INR).
I would sell it either on zebpay, wazirx, paxful.
Is it ok if I withdraw all my money from these exchanges directly to my Savings Bank account?.
Should I withdraw in parts or no issue even if I withdraw in one go.

5 figure transactions are quite normal so no issue is there. However, I would strongly request you not to use zebpay, WazirX or any other Indian exchanges to cash out your bitcoins. Use Localbitcoins, paxful or Bisq as these are p2p exchanges. Localbitcoins is preferred because they are the first ever p2p crypto exchange and quite good.

For a 5 figure transaction, I would suggest to give it one shot. There is no need to do multiple transactions. Hope this helps!

Why you advice against using zebpay, wazirx etc?

It's pretty simple! These are Indian exchanges and they have a strict kyc policy. So they will ask you to complete your kyc verification before you can transact with them. Now these exchanges are bound to share their client's transaction data if any regulatory body asks them to provide.

As of now, India don't have a formal legal structure around cryptocurrencies but once India will come up with something formal or even with a blanket ban, please be assured that IT department is going to ask all data from these Indian exchanges. By law, IT department can ask old data of upto 7 years.

So not using an Indian exchange can save you from a lot of future hassles. Localbitcoins is a Finland based company and they are not bound to provide anything to Indian government. Hope this helps!