Neeraj Khandelwal, co-founder of CoinDCX, recently revealed that his platform is open to absorbing WazirX customers, in the wake of the Rs 2000 crore hack in July and subsequent funds suspension, provided the WazirX management complies. Khandelwal’s statement comes amidst growing concerns in the Indian crypto space, related to over 4.4. Million users of WazirX waiting for their funds for the past five months.
“We want to. But it’s also dependent on WazirX. If they want to,” Khandelwal said, addressing the frustration among users over the hack and delayed transactions affecting WazirX’s reputation. This move could offer relief to Indian users seeking a more stable platform, but it hinges on WazirX’s cooperation.
Khandelwal also acknowledged the growing frustration with the shifting operations of Indian crypto exchanges to crypto-friendly jurisdictions like Dubai, Singapore, and the US . This issue was raised by users concerned about the legitimacy of “Indian” crypto exchanges, particularly after WazirX’s relocation.
Other platforms, including ZebPay, Vauld, CoinSwitch Kuber, and CoinDCX itself, have also moved their operations abroad. Even Polygon and Mudrex have shifted their bases.
However, Khandelwal was quick to clarify that while CoinDCX owns BitOasis, the largest crypto exchange in the UAE, Indian users still interact with CoinDCX’s Indian entity, governed by Indian laws. “We’re here to stay in India, and we’re committed to serving our users with local compliance,” he stated, emphasizing that the legal framework for CoinDCX users in India remains tied to Indian regulations.
