Bitcoin, Ethereum, Tron, Ripple, and Litecoin are just a few of the digital currencies that can be traded on the WazirX cryptocurrency exchange in India. WazirX was subject to scandal when it was reported that last August 05, the enforcement agency performed inspections on one of the directors of WazirX owner Zanmai Lab Pvt Ltd and issued a summons to hold their bank accounts. Some accused instant lending app companies were suspected of using the WazirX Director's assistance to acquire and transfer virtual cryptocurrency assets in order to launder money obtained by fraud. According to a report by the Times of India, the Enforcement Directorate (ED) stated that when the police and ED began their operation, the lending app companies used cryptocurrencies to export money. The majority of the funds are sent from crypto assets via WazirX to Hong Kong.
Based on the WikiBit website, WazirX have no license to operate with a score of 4.77 only.
On the other hand, WazirX claims that business activities are continuing as usual, and withdrawals of rupees and cryptocurrencies are being handled smoothly. The cryptocurrency exchange platform posted an update on twitter claiming that operations are back to usual and denied allegations from the ED.
WikiBit's field survey found that according to the regulatory information details of WazirX—which claims that they are located at 802, Siddhi Heights, Sector 28 Plot 73 is not real. A skyscraper in Bombay named Siddhi Heights, which is not an office building but rather commercial apartments, was the final stop for the inspection team.
The floor directory indicates that 802 is not an office but rather Mr. Nischal Shetty's private apartment. Additionally, nobody in the premises is familiar with the bitcoin exchange Wazirx.
Though the aforementioned ideas and viewpoints should not be used as the sole basis for claiming WazirX as a fallacious crypto exchange but rather as a reference to check and balance the authenticity of the platform.
As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!
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