Q&A

Is there any case on WazirX?

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Is there any case on WazirX?

The ED official ET spoke to said during the agency’s probe into the money-laundering case, it found that Chinese nationals had converted about Rs 57 crore into cryptocurrencies and transferred the money overseas through Binance, a Cayman Islands-based crypto exchange, which now owns WazirX.

Is WazirX safe and legal in India?

In India, one such exchange to explore is definitely WazirX that is trusted by millions of users and has some of the best-in-class security you should expect from a cryptocurrency exchange.

Is WazirX legal?

WazirX notes that all the legal information requests received are all criminal in nature and the compliance rate of these requests has been 100\%. The report further reveals that 14,469 accounts have been locked from April to Sep 2021.

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Can WazirX be banned?

You can definitely ban any crypto that wants to be a currency. That has been done in a few other countries, but it does not mean a total ban on the entire technology or the entire blockchain ecosystem.”

Who is the founder of WazirX?

Nischal Shetty
WazirX/Founders
Nischal Shetty, founder and CEO of WazirX told BusinessToday.In that the WazirX app was restored after the crash, caused by heavy user activity after the government’s proposed regulation became public.

Is WazirX a Chinese company?

WazirX is a cryptocurrency platform from India that allows users to buy, sell and trade popular virtual coins such as bitcoin, ethereum, ripple’s XRP and litecoin.

Is it safe to complete KYC in WazirX?

Only the official website or application is downloaded from the Play Store or App Store to log in. You have to enable One Time Password authentication. Never share your account details with anyone, even not the person who works at WazirX. Never use public Wi-Fi to access your WazirX data.

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Is WazirX trustable?

Regarding security, WazirX seems to offer regular security audits to ensure a highly secured platform. This has been represented by their security score received. The security score is C, rated by Mozilla at the Observatory test, which is in line with the global industry average.

What happens if a country bans Crypto?

Well, if the government decides to ban cryptos, then the transactions between the bank and your crypto exchanges will be stopped. You will not be able to convert your local currency to buy any crypto. Also, you will not be able to get them encashed.

What is the Enforcement Directorate’s case against wazirx?

The Enforcement Directorate (ED) has asked India’s largest cryptocurrency exchange, WazirX, to explain transactions worth Rs 2,790.74 crore that the agency alleged were carried out in violation of foreign exchange rules.

Why has ED issued a show-cause notice to wazirx?

NEW DELHI: The Enforcement Directorate (ED) has issued a show-cause notice to WazirX, India’s biggest cryptocurrency exchange by trading volume, for allegedly violating provisions of the Foreign Exchange Management Act, or Fema, for cryptocurrency deals worth ₹ 2,790.74 crore.

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Did Eded issue show cause notice to wazirx crypto-currency exchange?

ED has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA, 1999 for transaction… https://t.co/dcU8XlOugB WazirX on Friday said it had not yet received any notice from the ED.

Does wazirx comply with Anti-Money Laundering Regulations?

“WazirX does not collect the requisite documents in clear violation of the basic mandatory anti-money laundering and combating of financing of terrorism precaution norms and FEMA guidelines,” the ED said.