India's Biggest Crypto Exchange WazirX In Trouble: Time To Cash Out Crypto Investments?

WazirX is currently the biggest cryptocurrency exchange platform in India. Despite being the number one, no one wants to take accountability for what's happening and who actually owns and operates WazirX in India. WazirX recently came under ED's (Enforcement Directorate) radar and it even froze the accounts of WazirX.

As per speculations, WazirX is currently under investigation by ED for alleged usage of cryptocurrency, including money laundering. As soon as this came to the limelight, a Twitter feud between the CEO of WazirX and the CEO of Binance highlights the current situation of WazirX in India.

What Is Happening To WazirX?

It currently looks like nobody wants to take responsibility for what's happening to WazirX. According to Nischal Shetty, the co-founder of WazirX, the company was acquired by Binance back in 2019. However, Changpeng Zhao the CEO of Binance is stating that Binance does not own any stakes in WazirX.

Although Binance wrote a blog back in 2019 stating it acquired WazirX, it is now claiming that the transaction was never completed. According to Zhao, Binance only provides wallet services to WazirX and it also has a shared control of AWS and the WazirX domain was transferred to Binance.

He also says that it (Binance) could shut down WazirX but they won't as it will hurt the users. He also claims that Binance does not have control over user sign-ups, trading, and withdrawals. It sounds like WazirX never actually came under Binance's control.

Again, Nischal also suggests that having control over the domain name and access to the AWS account does prove that Binance actually owns WazirX, at least a part of it. As of today, it looks like nobody wants to take responsibility for what happened on WazirX.

Sad that these have to be debated on Twitter:

Binance provides wallet services for WazirX.
WazirX domain is transferred to our control.
We were given a shared access to an AWS account.

We could shutdown WazirX. But we can't, because.. 1/2 https://t.co/YoMIgAHC5v

— CZ 🔶 Binance (@cz_binance) August 5, 2022

What Should You Do?

If you have some funds on WazirX, then it is best to transfer those funds to some other centralized crypto platform such as Binance. As of now, there is no proper information on where WazirX is heading. Looking at the present situation, WazirX might even freeze the user funds in the coming days as per the Govt of India's order.