As a seasoned crypto investor with a decade of experience navigating the tumultuous seas of digital currencies, I find Neeraj Khandelwal’s statement intriguing and potentially beneficial for the Indian crypto community. The ongoing saga at WazirX has undoubtedly cast a shadow over the industry, and if CoinDCX can step in to absorb affected users, it could provide much-needed relief and stability.
Neeraj Khandelwal, one of the founders at CoinDCX, has indicated that his company is prepared to take on WazirX customers, following a hack in July that led to a fund suspension, as long as WazirX’s leadership cooperates. This statement from Khandelwal comes during increasing worries among Indian crypto users, who have been waiting for their funds (approximately 4.4 million users) for the past five months since the incident.
We want to. But it’s also dependent on WazirX. If they want to.
— Neeraj Khandelwal (@neerajKh_) December 21, 2024
We aim to make a change, but it’s also contingent upon WazirX. If they choose to cooperate,” Khandelwal stated, addressing the concerns of users troubled by the hack and transaction delays that have impacted WazirX’s standing. This potential action could provide comfort for Indian users seeking a more reliable platform, but its success depends on WazirX’s willingness to collaborate.
Khandelwal also acknowledged the increasing irritation among users as Indian crypto platforms move their operations to more cryptocurrency-friendly locations such as Dubai, Singapore, and the United States. Users have voiced concerns over the authenticity of these “Indian” crypto exchanges, particularly following the news of WazirX’s relocation.
Additionally, platforms such as ZebPay, Vauld, CoinSwitch Kuber, and CoinDCX themselves, along with Polygon and Mudrex, have relocated their business operations overseas.
Despite owning BitOasis, the largest crypto exchange in the UAE, it’s important to note that Indian users interact with CoinDCX’s Indian entity, which operates under Indian laws. Khandelwal made it clear that they intend to continue their operations in India and are dedicated to complying with local regulations. He underscored that the legal environment for CoinDCX users in India is connected to the Indian regulatory system.
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2024-12-22 16:21