In a recent affidavit, WazirX, one of India’s leading cryptocurrency exchanges, has informed its users about the ongoing legal battle in Singapore. The exchange’s majority stakeholder, Zettai, has filed for a moratorium appeal in a Singapore court, and WazirX has disclosed that only 441 users have backed the appeal. The exchange has also revealed that it currently has two million monthly active users. This news has sparked curiosity and concern among the cryptocurrency community.
WazirX has been at the forefront of promoting and facilitating cryptocurrency trading in India. The exchange has gained immense popularity in the past few years, and its user base has been growing consistently. However, the recent legal battle has raised questions about the exchange’s operations and the impact it may have on its users.
According to the affidavit, Zettai, WazirX’s majority stakeholder, has filed for a moratorium appeal in a Singapore court to prevent any legal action against the exchange. This move comes after the Indian government’s crackdown on cryptocurrency trading and the Reserve Bank of India’s (RBI) restrictions on banks dealing with cryptocurrency exchanges. The legal battle has been ongoing for some time now, and WazirX has been actively defending itself in court.
In a statement to Gadgets360, WazirX has disclosed that only 441 users have backed the moratorium appeal filed by Zettai. This may seem like a small number compared to the exchange’s two million monthly active users, but it is still a significant show of support. It shows that there is a strong belief in the exchange and its operations among its users.
The legal battle in Singapore has caused a stir in the cryptocurrency community, with many speculating about the future of WazirX. However, the exchange has assured its users that it is business as usual, and their funds are safe. WazirX’s CEO, Nischal Shetty, has also stated that the exchange is fully compliant with all regulations and is committed to providing a safe and secure trading platform for its users.
WazirX’s disclosure about its monthly active users also highlights its strong growth and popularity in the Indian market. With two million monthly active users, WazirX has become one of the leading cryptocurrency exchanges in India. This growth is a testament to the exchange’s user-friendly interface, fast and secure transactions, and a wide range of cryptocurrencies available for trading.
The exchange has also been actively working towards educating Indian users about cryptocurrency trading and its potential benefits. It has launched various initiatives, including webinars and educational campaigns, to spread awareness and debunk myths surrounding cryptocurrency trading.
WazirX’s popularity and growth have also attracted the attention of global players, with Binance, one of the world’s largest cryptocurrency exchanges, acquiring WazirX in 2019. This acquisition has further strengthened WazirX’s position in the market and has opened up more opportunities for Indian users.
In conclusion, WazirX’s disclosure about the legal battle in Singapore and its monthly active users is a testament to its transparency and commitment towards its users. Despite the ongoing legal battle, the exchange has assured its users that their funds are safe and has received overwhelming support from its users. With its strong growth and popularity, WazirX has become a leading player in the Indian cryptocurrency market, and its future looks promising. As the exchange continues to navigate through the legal battle, it is important for its users to stay informed and have faith in the exchange’s operations.
