NewsService

An update regarding INR deposits and withdrawals

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Dear Unocoin users,

We have always believed in offering our customers with the best and most secure blockchain services. Since December 2013, our team has been serving the Indian bitcoin and blockchain community by continuously innovating:

  • Industry-leading Crypto-Assets and Blockchain company offering two market-leading platforms: Unocoin, an online brokerage for trading bitcoin, and Unodax, an order matching crypto exchange.
  • Providing 24×7 customer support by email and telephone.
  • Unique buying plans such as SBP (systematic buying plans) & OTC (over the counter) along with multi-tier membership programs.
  • Introducing new features such as Crypto Basket, etc.

We are all aware of the RBI’s recent stance issued about the discontinuation of services by RBI regulated entities (banks/ payment gateways) for the purchase and selling of cryptoassets.

Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships are likely to be disrupted on or before July 5th, 2018. We are in the process of deploying new mechanisms for INR deposits and withdrawals. This is not a small undertaking and it will take us some time to deploy new solutions, please do not panic. Until further notice from our team, customers may continue INR deposits and withdrawals from Unocoin through normal banking channels as long as our bank accounts are functional beyond which the bank accounts based deposits and withdrawals of INR won’t be available till the RBI’s notice stay effective.

Regards

Team Unocoin

 

Update on 3rd July 2018:

RBI vs Cryptocurrency Exchanges: Supreme Court to Hear Plea on 20th July

The holiday bench of the Supreme Court has refused to hear the plea for interim relief. The hearing is set for the 20th of July. Banking services are expected to be revoked this week. We would like to let you know that this is not a ban on Cryptoasset and a policy in this regard is expected in the near future. However, if you are withdrawing or depositing any rupees in Unocoin, there could be a time when we may not honour such requests. Please continue to trade once you have understood the risk.

DevelopmentNews

Unocoin launches UNODAX, a live order-book trading platform for active traders

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New Delhi, May 31, 2018: India’s leading bitcoin and crypto-assets exchange, Unocoin announced the launch of UNODAX. Simplifying its offerings, UNODAX is a dedicated platform for live order-book trading of various altcoins, supporting the growing ambition of highly active crypto traders with an extensive range of tools and functionalities.

 

UNODAX supports multiple crypto-assets and provides crypto trading enthusiasts with unlimited order validity and transparent order depth. Following a maker-taker fee model, it provides exclusive maker benefits. The maker fee is only 0.4%, while the taker fee is also reduced to 0.6%. UNODAX is accessible through a web portal, Android and iOS app.

 

Commenting on the launch, Sathvik Vishwanath, Co-founder and CEO, Unocoin said, “It is a crucial step for us to announce the launch of UNODAX and simultaneously, establish two distinguish and dedicated platforms for two of our fundamental offerings. While Unocoin will support bitcoin wallet services, UNODAX is exclusively meant for crypto trading enthusiasts, making available a range of dedicated services, tools and functionalities. Its launch follows our vision of simplifying the process for users and achieving better scalability and performance. We have also ensured a smooth transition for our existing users, without them suffering any hiccups in the process.”

 

With the launch of UNODAX, Unocoin has taken the crucial step of distinguishing two of its core products, in order to achieve better scalability and performance. The differentiation is followed by a UI upgrade as well. In addition to UNODAX, Unocoin serves as a bitcoin wallet and brokerage service platform. It will preserve the broader game to promote and flourish the use of bitcoin and build a robust ecosystem for cryptoassets with a range of services, including systematic buying plan, merchant gateway, mobile and DTH payments, bitcoin wallet service and auto-selling bitcoin receivables.

 

This migration of exchange platform to UNODAX is being performed without any hiccups to Unocoin users. With both domains and services running on the same Unocoin backend servers, users will retain their login credentials and transaction history across the sites. For a user, nothing changes — except for the fact that you now get distinct websites that aim for speed and performance.

 

For more details, visit: www.unodax.com

Android app: https://goo.gl/VQEJJZ

iOS app: https://goo.gl/5KY5RF

Development

Delayed deposits of ERC20 tokens

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Dear customers,

On 18th of May evening, there was quite a number of deposits (not all of them but many of them) especially the deposits made in ZIL tokens that did not get credited to user accounts. When we contacted our wallet infrastructure provider BitGo (they are the known to be the best enterprise level wallet infrastructure provider for exchanges so far and process transactions worth more than 1 Lakh Crore INR per month) and later that mid-night we got to know that they had an issue with their infrastructure for transaction indexing and cataloguing. However, by the time we got to know the exact reason, the new deposits were already working fine. Below is the reply we have got from them:

Now that the spreadsheet of transactions (we have 235 transactions so far) is already shared with them as per their instructions, we are now waiting for the manually processing of those transactions. We had to depend upon the emails at support at unocoin.com and calls that we have received at the customer care toll-free number to prepare this spreadsheet. If we have missed any of your deposits as well, please send an email to support at unocoin dot com so that we can send the info to BitGo and have them fix it for us.

Due to the fact that we had launched ZIL tokens on our platform on the same day (Friday evening), the deposit issue really created a liquidity crunch at Unocoin which sent its last traded price to 6x of other exchange prices (though depth and volume were not there). This made more and more of our users to deposit ZIL (while we were still figuring out the deposit issue) and these have also got stuck and have aggravated the issue than what it already is supposed to be.

All new deposits and all other types of transactions are happening on Unocoin without any issue. Now, we are left with these 235 struck transactions from Friday evening to get sorted out. We are working with BitGo and hoping that we get some help from them during the weekend instead of them making us wait until their Monday. This is the first time we have faced an issue from BitGo at this level. The sad part is, there was no public announcement or any notice from them during or even after the event – else we could have delayed the listing of ZIL tokens. While we do not want to push the blame on our 3rd party service provider, we are equally helpless as we are not able to directly help our customers who are facing the issue. We request our customers whose deposits are struck to be patient and help us to get these sorted out. The inconvenience is deeply regretted.

Regards

Sathvik Vishwanath, CEO at Unocoin

Update at 4PM on 20th May: It has been 24 hours since we sent the list of missing transactions to BitGo. We have sent two follow up emails and also tried their hotline number in these 24 hours but to no vain. It looks like their engineers who need to manually trigger the insertion of missing transactions into their wallets and catalogue them won’t work during weekends (I wish they worked during weekends at least when they have such huge problems) and their customer care personnel cannot really do this for us as it is technical in nature and they may need to meddle with their database etc. So – likely we will have to wait for their Monday morning (which will be Monday evening Indian time to get these 235 transactions sorted out). We shall apply a 200 INR worth coupon in BTC to all the customers who got affected once we get the issue sorted out. We hope that this will at least make up for the fee our customers paid at other exchanges or from wallets when they transferred the tokens to Unocoin. We also will be paying the mining fee for ZIL when you transfer it out during next few days. We apologize for the trouble caused due to the delay of deposits. We are doing our best and continue to do our best to get this sorted out at the soonest possible.

Update at 9PM on 20th May: We heard back from BitGo customer care and they have assured that they have taken the sorting out of these transactions with the highest priority and will be taken care as soon as their engineers become available.

Update at 6.30pm on 21st May: Our engineers designed a turn around solution and have credited all the pending deposits that were reported to us till 6.30pm today. All these affected users have also been given 200 INR worth of coupon code applied directly on their BTC wallet account. We are considering the issue to be solved. We apologize for the inconvenience caused. Thank you.

Development

Scheduled maintenance to launch Unodax

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Greetings from Unocoin Team.

At Unocoin, we are in a constant endeavour to improve the existing features on our platform and provide new superior services. Our engineering team has put in a lot of effort to redesign the experience of the services from scratch are excited to bring to you the revamped web & mobile applications tonight.

We want to give a smooth transition experience to the users and have planned for a scheduled system maintenance beginning 27th April 2018 at 11 P.M. in the light of the same. The duration of maintenance is expected to be around 12 Hours. All the functionalities provided by Unocoin, which includes: website (https://www.unocoin.com), iOS & Android mobile applications, Merchant Gateway services and Partner Services will not be functional during this time.

Once the maintenance activity is completed, all our services will be resumed to normal and users will be able to access all the features & services without any issues. Any pending orders placed on the order book exchange will remain unchanged during the transition period.

The Merchant Gateway and Recharge/Top-up services will be resumed within a weeks time.

For any query on further issues, please feel free to reach the 24-Hour Helpline at 1800-103-2646.

Looking forward to your continuous support during the maintenance session!!

Note:

This migration to two different platforms is being performed without any hiccups to the existing Unocoin users. With both domains and services running on the same Unocoin backend servers, users will retain their login credentials and transaction history across the sites post the up-gradation. For a user, nothing changes — except for the fact that you now get distinct websites that aim for better speed and performance.

News

Regarding the press release by RBI on 05 April 2018

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Dear Customers,

This is w.r.t. the press release issued by RBI on 5th April 2018. As per the notice, RBI has decided to axe the relationship between it’s regulated bodies (Banks) and any individual or business entities dealing with cryptocurrencies. The Banks that are already working with cryptocurrency companies are given a timeline of 3 months to cease the support.

As a company, we want to clarify and assure you few things. Please note the notice issued doesn’t talk about the legality of cryptocurrencies as such and hence the legality status of Bitcoin or other crypto-currencies In India remain unchanged. This decision of RBI’s was more in line with it’s earlier statements on the risk associated with the cryptos.

We just want to assure you that your funds (INR, BTC and other cryptos) are absolutely safe with us as ever and there is no need to worry about their safety. As always, you can still continue to use our platform as before and if need be you can still withdraw your funds.

As on today, no banks (that we are working with) have issued any notice to us and when they do and if it has an impact on you and /or us, we will surely communicate to you.

 

Sathvik V

CEO, Co-founder

Unocoin