India has a love-hate relationship with cryptocurrency and then came Wazirx with WRX coin. Before I dig into Wazirx, let me put some light on the history of cryptocurrency in India. Back in 2017, the first wave of cryptocurrency bull run hit the Indian markets, leading to the rise of the then top crypto exchange named Koinex. Crypto markets were in a euphoric state before getting knocked out with two big blows.
The first blow was the long bearish market of 2018 followed by the nationwide shutdown of crypto trading in India by Reserve Bank of India (RBI). These two blows were enough to discourage crypto trading and it successfully doused the flames of cryptocurrency investment which led to the fall of Koinex.
The battle continued between RBI vs Crypto community against Bitcoin ban in India. Finally, in March 2020, the apex court cancelled the RBI notice against the cryptocurrency ban and allowed traders to trade these digital assets using legal cryptocurrency platforms, and then we witnessed the rise of Wazirx.
Table of Contents
What is Wazirx?
Wazirx is a cryptocurrency exchange in India. Launched in 2018, by the founders of Crowdwire (A social media management tool), Nishchal Shetty, Sameer Mhatre, and Siddharth Menon. WazirX aims to become the leading platform that allows traders to buy, sell, hodl and transfer the best crypto assets on its platforms including Bitcoin, Ethereum, Ripple, Polygon MATIC and many more.
The name Wazirx was inspired by the Urdu word “Wazir” which means Queen, the strongest piece in the game of chess. WazirX claims to be the number one crypto exchange of India by volume. The team claims to have crossed $6.1 billion in trading volume in the period (January to March) 2021 with a user base hitting over 2 million, thus witnessing an exponential rise and adoption of cryptocurrency as an investment vehicle within India.
Wazirx was acquired by Binance in November 2019 (under dispute now)
What is WRX Coin?
WRX coin is a digital asset from Wazirx. Just like Bitcoin, Wazirx is a currency of the platform. Wazirx coin or WRX is a utility token which is used as a medium to facilitate digital transactions on the platform. It can be used as a store of value, a medium of exchange, token airdrops, and WRX mining.
The sole purpose of WRX coin is to attract users and help them perform transactions on the Wazirx platform at a discounted fee. The discount breakup is shared below –
|Year||Year 1||Year 2||Year 3||Year 4|
Apart from Wazirx, WRX coin is available on all the leading platforms like Binance, Poloniex, etc. It can be bought, transferred, or kept as a store of value.
Nothing but grateful 🙏🇮🇳 pic.twitter.com/RuLlaz1aCK— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 18, 2022
The total supply of Wazirx is limited to 1 billion
As explained in my post on Ripple XRP cryptocurrency. Mining is a reward given by the blockchain network for solving a complex mathematical problem, leading to the addition of a new block in the blockchain.
However, when it comes to WRX coin, mining is achieved by trading on the platform. The more you trade, the higher your chances of earning Wazirx coins. You have to place trades in USDT, BTC, and INR markets to be eligible for WRX rewards. The coins earned will be credited to your account within 24 hours. The first phase of Mining was completed on 12th December 2019. Please check WazirX platform for the next phase.
WazirX Money Laundering Scam:
WazirX has been investigated by ED, followed by the freezing of some of its assets. It is believed that the exchange is involved in money laundering of illegal funds using cryptocurrencies & transferring the amount to unknown crypto wallets outside the country. Please read the following stories, covering the details of the investigations –
WazirX Binance Dispute:
A lot is going on between WazirX & Binance. Twitter war has emerged between the founders where no one wants to take ownership of the platform after ED (Directorate of enforcement) froze 64.67 crores worth of WazirX assets pertaining to money laundering scam & illegal crypto transfers in foreign countries.
“We could shut down WazirX” – Proves you have control— Nischal (Shardeum) ⚡️ (@NischalShetty) August 6, 2022
“Shared access of AWS” – You have ROOT access of AWS! Anyone with root access controls AWS
“WazirX domain transferred to our control” – Good to see you confirm that
Only control now is Zanmai, why are you not taking it? https://t.co/5E4zzWiOI7
India is one of the countries which has imposed a nationwide ban on cryptocurrency in the past, this makes the new users hesitant to invest in crypto coins. That’s where Wazirx platform comes to the rescue.
Wazirx follows a simple registration process under RBI guidelines and only registers the users after a proper KYC check. Please read my post on How to buy bitcoin in India to understand the complete registration process.
Moreover, after getting acquired by the world’s largest cryptocurrency exchange i.e Binance. The acquisition news has given the right support in expanding its operations and trust levels back in 2019.
Wazirx has a first-mover advantage of launching its own currency i.e WRX coin. WRX is built on Binance chain. As explained above, WRX is a utility token and has gained a lot of attention in the last bull run. An increase in the user base coupled with the expansion of Wazirx into NFT platform has added some fuel to the pricing of WRX. This calls for an interesting debate, Is WRX the next Binance coin (BNB)?
Wazirx charges just 0.2 per cent commission on every trade executed on the platform (excluding GST) which is far less than the fee charged by the stockbrokers in the Indian market. Also, it is worth noticing, the deposit and withdrawal fee using bank or wire transfer is chargeable at Rs 9 only.
Wazirx has a tough time dealing with Indian regulations. Due to uncertain laws governing the cryptocurrency market, there are bursts and halts in trading on the platform. Recently, without any notice, banks have withdrawn deposit and withdrawal support to the Wazirx platform. Though the issue got resolved within days, it was strong enough to make any trader worry about their money being locked on the platform. Something Wazirx has no control over.
Sometimes it takes hours for the money to reflect on the trader’s dashboard after completing the deposit process. This is again linked to the Indian regulations where banks are believed to be unfriendly with the crypto market. Which makes you want to learn how to secure your cryptocurrency investment?
Be it Binance, Poloniex etc. Every exchange has a send and receive address of the coins listed and active on the platform. However, this is not the case with Wazirx, you will find these addresses for the limited coins only. Any emerging altcoin like POLYGON MATIC doesn’t have a send and receive address. This makes the platform quite inefficient when it comes to ease of operations.
WRX Coin Price:
Check the latest WRX Coin Price –
WRX Coin Price Prediction:
In the last bull run, WRX coin has hit an all-time high of $6.00 and an all-time low of $0.67 in the bearish pullback. An increase in adoption rate coupled with the expansion plans of the exchange venturing into NFT markets is going to fuel the WRX price in the long run.
Apart from these factors, any good news on regulations from the Government of India will be a catalyst for the exchange, ultimately increasing buying behaviour. Keeping these factors on the positive side, expect WRX coin price to be somewhat in the range of ($5-$10) in the next bull run if the dispute is settled & the exchange is free from money laundering allegations.
How to buy WRX coin in India?
WRX coin can be bought on the leading crypto exchange like Binance, Poloniex etc. In India, you can buy it on Wazirx by simply registering and depositing INR into the crypto wallet and placing a trade to purchase the coin. Check the live demo on how to place a buy order on Wazirx –
Should you invest in WazirX WRX Coin?
Investing in WRX coin is equivalent to trusting Wazirx. The success of WRX token depends completely on the success of the platform and its ventures. The company is financially stable and is backed by Binance, which has strengthened the belief in the platform.
WRX is not a good investment until ED gives it a green slip
It has already tested waters and survived. Something tells me it’s here to stay for the long haul. With low competition and a surge in trading volume, expect WRX to boom in the next bull run *(Not Financial advice).
Checkout Tokocrypto. Indonesia’s first digital asset exchange
BONUS – My Personal Experience:
I have been an active user of WazirX and frankly speaking I am quite satisfied with the way transactions are executed on the platform. The platform is safe and provides two-factor authentication, something I encourage you to secure your account. The major drawback is the delay in deposits, I have personally missed entering the targeted price points because of the delay in deposits. I hope the system will figure that out soon. P2P is again a painful experience, better stick to the standard version of placing the trades as shown by me in the video. Just like Zerodha, this will be the next big thing once the regulations fall into place.
Save your digital assets on hardware wallets. Use Ledger Nano S for safekeeping.
This completes my review of Wazirx with WRX coin price prediction. Remember to do your research before investing in cryptocurrency markets. In the next post, I will talk about Biconomy BICO coin and CRO coin by Crypto.com. If you love cryptos, remember to share the post and spread awareness.
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.
1 thought on “WazirX WRX Coin | Victim of money laundering scam & Binance dispute”
Thank you article on the Wazirx coin. This is a good article that has provided useful information
Comments are closed.