WazirX Financial News

money laundering case. The Enforcement Directorate (ED) Friday said that it recently conducted searches on one of the directors of M/s Zanmai Lab Pvt Ltd which owns the popular crypto-currency exchange WazirX and has issued a freezing order to freeze their bank balances to the tune of Rs. 64.67 crores.

Hours after an unexpected twist, where Binance’s CEO Changpeng Zhao or ‘CZ’ denied owning any equity in Indian cryptocurrency trading platform WazirX and even the completion of its 2019 acquisition, a series of tweets were exchanged between him and the crypto bourse founder Nischal Shetty on Saturday.

The Enforcement Directorate (ED) searched premises belonging to a directors of Zanmai Lab, a company that runs popular cryptocurrency exchange WazirX, and order a freeze on his bank balance of INR 64.67 Crore.

Wazirx was using walled infrastructure of BINANCE, Minister of State for Finance Pankaj Chaudhary said

Speaking on the legality of such offerings, Vishwanath said, “Right now the industry itself is unregulated as far as SEBI or RBI equivalent governing bodies are concerned. We don’t have any such regulations, we don’t even fall under SEBI yet.

India should not deprive itself from the benefits of cryptocurrencies, experts said, a couple of days after Union Finance Minister Nirmala Sitharaman reiterated the Reserve Bank of India's apprehensions on the unregulated virtual currencies.

In an attempt to help users circumvent TDS (Tax Deducted at Source) costs and invest long-term, Crypto exchange Bitbns on July 12 launched the Zero TDS mechanism on its SIP investments in cryptocurrency.

WazirX and Zebpay, citing their Trader Sentiment Survey. The survey included about 9,500 respondents throughout the country. The domestic exchanges collectively conducted the survey and included only those traders who were active from the beginning of the year till April 15. The survey aims to highlight the mood of crypto traders over higher taxation. According to the results, 83 per cent of traders believed that the recent tax implementation deterred their trading frequency. 29 per cent of the respondents said that they traded less than the pre-tax period.

crypto exchanges CoinDCX, WazirX and Zebpay declined by at least 70% on July 3 compared with June 30, even as the rule requiring deduction of tax at source on every transaction came into effect on July 1.Volumes on WazirX were down the most at 82%, according to data sourced from crypto research and consulting firm Crebaco. The decline was almost 70% on CoinDCX and 76% on ZebPay. While crypto exchanges say it is too early to know the actual impact of tax deducted at source (TDS) as trading volumes are typically lower on the weekend, some experts said trading would likely remain under pressure.

After a year of aggressive marketing, and high cash burn, Indian crypto platforms are now back to basics of focusing on products and looking at growing avenues of revenue generation, as they grapple with declining trading volumes, which is set to fall further as the 1 percent tax deducted at source (TDS) regime kicks in next month. 

Mumbai: Amid a global cool-off in the crypto market, Indian exchanges WazirX and Unocoin are slowing down their hiring, senior executives told ET. Apart from the current bear market, Indian crypto exchanges have had to contend with a harsh new tax regime and a pullback from banks and payment processors, which have caused trading volumes to plummet. ET reported on April 12 that trading volumeson crypto exchanges had hit a six-month low. Nischal Shetty, cofounder of WazirX, confirmed to ET that the company has slowed down hiring for the time being.

Crypto trading platform WazirX released the second edition of its semiannual 'Transparency Report' for October 2021 – March 2022 period on Tuesday. The report provides an overview of initiatives and partnerships that the company took in the last 6 months to safeguard investors' interest from its end. During the mentioned period, WazirX has reported 100 per cent compliance rate for all the 1,023 requests received from various Law Enforcement Agencies (LEA).

Terra blockchain's native token LUNA, Indian exchanges delisted the beleaguered token from their platforms. LUNA has tanked to merely a few decimal cents from its peak of $118, wiping out 100 per cent wealth of the investors. Overall, the token has wiped out $40 billion from their pockets. In its support blog, WazirX said they are delisting the pairs of LUNA/USDT, LUNA/INR, LUNA/WRX. «We will enable Binance free transfer for users to withdraw their LUNA funds,» it added. USDT is Tether, a stablecoin, and WRX is WazirX's utility token.

After global exchanges, Indian exchanges including WazirX, Coinswitch Kuber, and CoinDCX have delisted the stablecoin Luna. The Terra crypto token was taken down as its price fell below $1, eroding the wealth of its investors.

Mumbai: Trading volumes on crypto exchanges WazirX, ZebPay and Giottus hit a six-month low on April 10 due to the uncertainty surrounding crypto regulations in the country WazirX, one the largest cryptocurrency exchanges in India, estimatedly saw 65-90% of its business erode after e-wallet Mobikwik disabled its services on the platform over the last few days. ET was the first to report on April 9 that due to a lack of clarity on the usage of the Unified Payments Interface (UPI) for processing transactions. US-based Coinbase, which announced its India entry last week, has also hit the UPI roadblock and disabled the service.

crypto assets in February, it was the 30% rate on income from digital-asset investments that grabbed headlines. But it’s a different levy that has the industry warning of a potentially destabilizing liquidity crunch. Along with the capital gains charge, the finance ministry announced a 1% tax deductible at source, or TDS, on all digital-asset transfers above a certain size, starting July 1. No other country imposes such a tax on crypto, according to Anoush Bhasin, founder of crypto asset tax advisory firm Quagmire Consulting. Crypto-exchange executives, lawyers and tax analysts warn that the TDS will suck liquidity out of the market by forcing high-frequency traders to dramatically curtail their trading. Combined with the government’s decision not to permit offsetting of trading losses in digital assets, it threatens to accelerate an exodus of crypto companies and workers from India, they say.

Starting from April 1, retail investors and crypto exchanges will be paying a 30 percent tax gain from virtual digital assets, which is expected to drop the volumes of transactions in the coming months, said the experts in a Twitter space session organised by Moneycontrol yesterday.

April could be a decisive month for cryptocurrencies in India as income from the transfer of any virtual digital asset will be taxed at the rate of 30 percent beginning April 1. From investors to crypto exchange founders, everyone is waiting to see how the proposal put forward in the Budget 2022 plays out.

The government on Monday said Rs 95.86 crore has been recovered from 11 cryptocurrency exchanges for evasion of Goods and Services Tax (GST). The total amount includes penalty and interest.

New Delhi: Top cryptocurrency exchanges in India have collectively decided to not advertise during the Indian Premier League (IPL) this year, three people familiar with the development said. Last year, CoinDCX, WazirX and CoinSwitch Kuber as well as others, had collectively spent around Rs 90 crore on TV advertising for the IPL and the cricket T-20 World Cup “All the crypto exchanges have decided not to advertise in IPL,” Nischal Shetty, chief executive of crypto exchange WazirX told ET through a direct message on Twitter. “As an industry, we are working to ensure we have strict guidelines for responsible advertisement before we get into IPL ads again,” he added.

The crypto industry has welcomed the new set of guidelines released by the Advertising Standards Council of India (ASCI) for advertising virtual digital assets on February 23. Late last year, the industry had faced flak from the government and was criticised for misleading advertisements across print medium, television and social networks.