WazirX customers eye different Indian cryptocurrency exchanges after ED probe

Users of the Indian cryptocurrency alternate WazirX are actively in search of new methods to deposit their cryptos to different exchanges. This comes days after the Enforcement Directorate (ED) stated it had frozen financial institution balances of Rs 64.67 crore belonging to WazirX.

“I don’t wish to take any further risks,” stated Nishant Bhalerao, 28, a Mumbai based mostly crypto investor who has deactivated his account on WazirX and is eyeing different crypto exchanges for buying and selling.

According to the ED, Chinese mortgage lending corporations that had been shut down in India diverted their funds by crypto exchanges, and the utmost quantity of funds was diverted to the WazirX alternate. Since then, the buying and selling quantity at WazirX has plunged. On August 6, the buying and selling quantity was $8.11 million, which plunged to $4.64 million on August 7 and tanked to $3.06 million on August 11, a drop of 90 per cent, as per crypto analytics platform Nomics.

A supply near WazirX instructed indianexpress.com that “withdrawals at WazirX were high as the news of ED probing WazirX surfaced, but it is slowly now tapering off.”

Ritesh Kalvellu, 28, a Pune-based HR and a crypto investor created an account on CoinDCX after the Twitter spat between WazirX CEO Nishchal Shetty and Binance CEO Changepeng Zhao triggered confusion in regards to the true proprietor of the platform.  “How can I trust WazirX anymore? If there is a dispute between the ownership itself, how is it possible for us to put our hard-earned savings on the platform,” requested Kalvellu.

Zhao made it clear that it doesn’t personal WazirX, as there was “no transfer of shares”. However, Shetty stated that Zanmai Labs, the entity that owns WazirX has a license from Binance to function INR-crypto pairs. Further, he stated that Binance operates crypto to crypto pairs, and processes crypto withdrawal for the corporate.

Another crypto dealer, Aneesh Matthews, 34, stated he transferred all of his crypto property to scorching wallets (offline crypto wallets). “Every day a new platform is either being targeted by authorities or being shut by crypto companies. I won’t be trading my assets for a while, but will keep it safe.”