Founded by Nischal Shetty, WazirX is one of the oldest and most trusted crypto trading apps in India. As is common knowledge, we all know WazirX has faced issues in India, with RBI restrictions on legal matters. But, in this article, we will explore if you can still use WazirX and is it legal in India? Has it been wholly banned or not?
Well, without wasting any time, let’s dive into it.
Is WazirX Banned In India?
In March 2018. the Reserve Bank of India imposed a complete ban restricting the banks from dealing with crypto companies, including Wazirx. This ban restricted the use of crypto and created chaos and confusion in their dealings.
This ban came just three weeks after the launch of WazirX in India.
WazirX Co-founder was quoted as follows:
“The ban was a difficult for the exchanges which are already large and established. We are only three weeks old, we are already at zero level and we knew that we couldn’t go below that. So the ban didn’t bother us more.”Co-founder of WazirX Nischal Shetty
The ban continued for two long years. However, the ban did not have much effect on the functioning or growth of WazirX.
It fought against the ban with a three-pronged approach.
- At the company level, it innovated and introduced a peer-to-peer trading system on its app. This enabled the users to trade amongst themselves without needing any financial institution. This was a novel approach taken by anyone in the industry.
- WazirX initiated the Twitter campaign #IndiaWantsCrypto, immediately after the RBI ban. The social media campaign gained a lot of support and earned more than 5 million followers.
- Thirdly, the company, with the other crypto industry leaders, appealed against the ban in the Supreme Court of India. The Court overturned the central bank’s two-year-old ban in March 2020, stating it to be unconstitutional.
Current Status of Wazirx
Wazirx was thus never really banned or declared illegal in India. From its inception, it has continued to grow steadily and established itself as a leading player in the crypto market. Let us examine some common questions related to Wazirx.
1. Is WazirX legal and safe in India?
Yes, Wazirx is a trusted and secure trading platform for consumers in India and abroad to buy, trade, and sell over 100 digital assets. It is one of the most trusted exchanges in the Indian crypto market and a part of the Binance Group, the world’s largest crypto exchange, serving users in 180 countries. WazirX stores 95% of funds offline and protects them from hacking activities. It is even safe for KYC.
2. Can WazirX still be used in India?
Yes, it is still used in India. It has always been in use in India since its launch in 2018.
3. Is WazirX registered in India?
WazirX was incorporated on December 21, 2017, under the Mumbai Registrar Of Companies (ROC). In November 2019, the company was acquired by Binance, one of the world’s largest crypto exchanges. It originated in China and later moved its registered office to Cayman Island, a tax haven. So, China-grown Binance, which can no longer operate in China, now has its blockchain-related activities in more than 180 countries across the globe, including India, through WazirX.
4. What are the recent updates regarding WazirX’s?
Nischal Shetty had tweeted that WazirX would be India’s first-ever remote organization with employees spread over 70 locations. So the workers would have the feasibility of working from any site as per their comfort and convenience. The announcement came in the wake of the Government’s new decision to impose a tax of 30% on any digital asset in addition to a 1% tax deductible at source. This regulation has led to a drop in terms of digital trading exchanges.
The base of WazirX has been shifted to Dubai, but one of its offices remains in Mumbai and Bangalore.
What are the benefits of using WazirX?
- Best and secured exchange: WazirX conducts frequent security audits to ensure no security problems are overlooked to make it India’s most secure exchange
- Quick KYC Process: Wazir’s identity verification solutions are industry-leading in speed and accuracy.
- User-Friendly Navigation: The platform has a simple and easy-to-use interface that makes it easier for users, particularly beginners, to begin trading. Users can easily navigate the numerous options, whether they want to deposit or withdraw money.
- Peer-to-peer (P2P) trades: WazirX also facilitates a peer-to-peer (P2P) trading engine that connects users to trading with one another
- Low transaction fees: WazirX continues to attract new customers daily because its transaction fees are significantly lower than other platforms.
- Integrating across multiple platforms: WazirX is available for the Web, Android, iOS, macOS, and Windows. The WazirX trading app is available on the Google Play Store and App Store.
- Own utility token: The WazirX ecosystem is built around the WRX utility token provided by WazirX and can be used to pay transaction fees.
WazirX is indeed very safe to use and completely legal in India. If you are hesitant about making any investment in Wazirx and fear its legitimacy, put all your fears to rest.