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ED investigation, Binance break-up—is brand WazirX crumbling?

Whether or not WazirX survives the ongoing blow, crypto investors’ trust in the company has taken a beating

August 09, 2022 / 06:22 PM IST
WazirX app (Image: Shutterstock)

WazirX app (Image: Shutterstock)

Jaskaran Arora, 27, who runs a digital advertising agency in Mumbai, has been investing in cryptocurrencies through WazirX for four years now. The platform has been his go-to suggestion to any friends and family wanting to invest in crypto tokens, especially over the past one or two years. A major reason for that has been that WazirX is backed by Binance.

“I was comforted earlier by the fact that WazirX is owned by Binance. So, whatever issues would have cropped in, will eventually get resolved. But now, knowing that there’s no link between the two companies, I don’t know what I’ll do,” Arora told Moneycontrol.

“When this space (cryptocurrency) gained popularity in India about two years ago, a lot of people reached out to me for knowledge and help. I suggested them to go with WazirX for the sole reason that it was backed by Binance. Now, after getting to know the situation, they are asking me what to do next. Personally, I will be transferring my funds in crypto token format to either MetaMask or some other crypto wallet. I would suggest them the same,” he added.

WazirX, India’s largest cryptocurrency trading platform accounting for over 50 percent of trading volumes in the country, found itself oscillating between a statement from the Enforcement Directorate (ED) saying its bank assets worth Rs 64.67 crore had been frozen and its previously known owner Binance disowning it over a series of tweets on August 5 night, saying it never had any equity stake in the firm.