WazirX to Phase In Indian Rupee Withdrawals Starting Aug. 26

Withdrawals
of
up
to
66%
of
users’
rupee
balances

will
be
phased
in
over
the
next
month,
starting
Monday,
it
said
in
a
Friday
statement.
From
Aug.
26
to
Sept.
8,
users
will
be
allowed
to
withdraw
up
to
half
of
that
limit,
with
the
remainder
available
between
Sept.
9
and
Sept.
22.

WazirX
said
the
operating
entity
for
its
rupee-related
activities,
Zanmai
Labs,
was
not
affected
by
the
attack
and
had
sufficient
reserves
to
cover
the
balances.
It
had
to
keep
the
remaining
34%
of
funds
back,
however,
because
of
investigations
by
law-enforcement
agencies,
the
company
said.
The
timeline
for
the
release
of
those
frozen
balances
is
unclear,
it
said.