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<ul><li>Last month, ED sleuths raided <keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>'s parent company <keyword id="14679518" type="General" weightage="80" keywordseo="zanmai-lab" source="Orion">Zanmai Lab</keyword> and froze assets worth Rs 64.67 crore. </li><li>The ED has been conducting an investigation of 16 fintech companies and Instant loan apps.</li><li>WazirX is India's largest crypto exchange and has over 12 million users.</li></ul> Crypto exchange WazirX on Monday said the <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) has allowed it to use its bank accounts after it cooperated with the investigators by providing them all the necessary details, information and documents of the alleged accused companies who used the WazirX platform. The company said in a statement that due to the active cooperation extended by WazirX and active anti-money laundering (AML) checks that led to the blocking of suspicious accounts, "ED has unfreezed the bank accounts of WazirX". "WazirX is now in a position to continue its banking operations as usual," said the crypto exchange. Last month, ED sleuths raided WazirX's parent company Zanmai Lab. It searched the premises and froze its bank assets worth ₹ 64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". The ED has been conducting an investigation of 16 fintech companies and Instant loan apps, some of them happened to use WazirX platform. The company clarified that it has no association with any of the alleged accused fintech and instant loan app entities which appear to be the subject of ED investigation and "is carrying out the <keyword id="12656622" type="General" weightage="20" keywordseo="kyc/aml" source="Orion">KYC/AML</keyword> checks despite having no legal obligation to do so". "WazirX is like any other intermediary whose platform may have been misused. After an in-depth internal investigation, WazirX noticed that most of the users whose information was sought by ED were already identified as suspicious by WazirX internally and were already blocked in 2020-2021," said the company. WazirX is India's largest crypto exchange and has over 12 million users. Several crypto exchanges are under the ED radar for their alleged involvement in money laundering of around ₹ 10 billion. Late last month, crypto exchange <keyword id="10245463" type="General" weightage="80" keywordseo="coinswitch-kuber" source="Orion">CoinSwitch Kuber</keyword>'s CEO Ashish Singhal said that the company fully cooperated with the ED officials in <keyword id="6354321" type="General" weightage="80" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, after reports surfaced that ED raided its premises over alleged money laundering under the Prevention of Money Laundering Act (PMLA), 2002. Singhal said that the company's engagement with the ED was not related to any money laundering inquiry. "Enforcement Directorate-Bengaluru has been engaged with us with respect to functioning of our crypto platforms/exchanges. We are fully cooperating with them," he had said in a tweet thread. ED recently froze crypto lending platform Vauld's bank assets worth ₹ 370 crore over its "predatory lending practices". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/how-will-the-search-message-by-date-work-on-whatsapp/articleshow/94145465.cms">WhatsApp may soon allow users to search messages by date — here’s how it will work</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mensa-brands-acquires-myfitness-aims-to-turn-it-into-a-1000-crore-brand/articleshow/94146270.cms">Mensa Brands acquires MyFitness, aims to turn it into a ₹1,000 crore brand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-tiago-electric-car-to-launch-soon/articleshow/94147690.cms">Tata Tiago EV to launch soon – could be the cheapest EV from the car maker</a>

ED allows WazirX to use bank accounts frozen after raids

<ul><li><keyword id="6359140" type="General" weightage="100" keywordseo="binance" source="Orion">Binance</keyword> will cease to support off-chain fund transfers between WazirX Exchange and Binance via the "Login with Binance" option. </li><li>Post raid by ED on WazirX’s parent company <keyword id="12851812" type="General" weightage="50" keywordseo="zanmai-labs" source="Orion">Zanmai Labs</keyword>, CEO of Binance denied any ownership in the company. </li><li>WazirX is the largest <keyword id="2721952" type="General" weightage="50" keywordseo="crypto" source="Orion">crypto</keyword> exchange in India and its annual trading volume exceeded $43 billion in 2021. </li></ul>The world's largest crypto exchange Binance, which disowned the Nischal Shetty-run crypto platform WazirX, on Monday said that it is removing the off-chain fund transfer channel between WazirX and Binance. The crypto platform will cease to support off-chain fund transfers between WazirX Exchange and Binance via the "Login with Binance" option, <keyword id="3415524" type="General" weightage="50" keywordseo="patrick-hillmann" source="Orion">Patrick Hillmann</keyword>, Chief Communications Officer, Binance, said in a statement. "Users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between Binance and WazirX," he said. Last week, after the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) raids on WazirX's parent company Zanmai Lab, <keyword id="6222251" type="General" weightage="50" keywordseo="changpeng-zhao" source="Orion">Changpeng Zhao</keyword>, Founder and CEO of Binance, had said that the company does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders. The ED searched the director of WazirX cryptocurrency and froze its bank assets worth ₹64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". Referring to Zanmai Labs, Hillmann said, "In relation to their operations of the WazirX Exchange, it has come to our attention that some users were given to believe that funds deposited in WazirX were managed by Binance. This is not the case". Moving forward, Binance will support Indian regulators in the ongoing matters concerning WazirX. WazirX is the largest crypto exchange in India and its annual trading volume exceeded $43 billion in 2021. Shetty, co-founder of WazirX, disputed Binance's claims in a series of tweets last week. "More facts about WazirX: Binance owns WazirX domain name, Binance has root access to AWS servers, Binance has all the Crypto assets, Binance has all the Crypto profits. Don't confuse Zanmai and WazirX", he had tweeted. On November 21, 2019, Binance said it had "acquired" WazirX. "This transaction was never completed. Binance has never - at any point - owned any shares of Zanmai Labs, the entity operating WazirX," according to Zhao.

Binance ceases off-chain fund transfer with WazirX after ED raids

<ul><li>WazirX's trading volumes have sunk by over 55 % in the past week. </li><li>Estimated to have 15 million users, WazirX is India’s largest crypto exchange. </li><li><keyword id="4090915" type="General" weightage="100" keywordseo="wrx" source="Orion">WRX</keyword> crypto token nosedived from ₹23 per coin earlier this month to ₹17 on Wednesday. </li></ul>Indian cryptocurrency exchange WazirX has witnessed a sharp 50 percent drop in trading on its platform, while its WRX crypto token nosedived from ₹23 per coin earlier this month to ₹17 on Wednesday, as the row between Nischal Shetty-run crypto platform WazirX and <keyword id="14687922" type="General" weightage="20" keywordseo="changpeng-zhao-run" source="Orion">Changpeng Zhao-run</keyword> <keyword id="6359140" type="General" weightage="80" keywordseo="binance" source="Orion">Binance</keyword> continued. In the last seven days, WazirX's trading volumes have sunk by over 55 percent -- from $4.3 million on August 5 to $2 million on August 9. WazirX, which has nearly 15 million users and is India's biggest crypto exchange, is in the thick of a controversy since the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) raids at its parent company, <keyword id="12851812" type="General" weightage="80" keywordseo="zanmai-labs" source="Orion">Zanmai Labs</keyword>. The ED raids resulted in Zhao-run Binance disowning WazirX, which it apparently acquired on November 21, 2019. Zanmai Labs said in its latest statement that it has fully cooperated with the ED and WazirX is a platform co-operated by Zanmai Labs Pvt Ltd (Zanmai Labs) and Binance. "The ED appears to be investigating the transactions of certain users and Zanmai Labs has no affiliation to such users and is unaware about the purpose of their transactions," said the company. After the ED raids on Zanmai Labs, Binance first disowned WazirX, and then said that it is removing the off-chain fund transfer channel between WazirX and Binance. Zanmai Labs said that there seems to be a major misunderstanding about off-chain transactions between WazirX and Binance. "Off-chain transactions between WazirX and Binance can only be done by a user between his/her/its own account on the two platforms. Hence, KYC details are available for all off-chain transfers as well (and have been submitted to the ED when requested)," it argued. WazirX is the largest crypto exchange in India and its annual trading volume exceeded $43 billion in 2021.

Trading on Indian crypto exchange WazirX drops by over 55%, WRX token loses sheen

<ul><li>Indian crypto exchange <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword> has announced a <keyword id="11046450" type="UNKNOWN" weightage="20" keywordseo="NFT-Marketplace">NFT marketplace</keyword> for <keyword id="480599" type="ORGANIZATION" weightage="20" keywordseo="Indian-artists">Indian artists</keyword>.</li><li>It is one of the first marketplaces for NFTs in India.</li><li>A NFT is a digital asset and it can be in the form of a picture, audio, video or even a tweet.</li></ul>Indian crypto exchange WazirX has announced the launch of a non-fungible token (NFT) marketplace for Indian artists and creators. The company has said that it is one of the first marketplaces for NFTs in India. The NFT marketplace from WazirX is being spearheaded by Sandesh B Suvarna, a Canada-based entrepreneur. Film actor Vishakha Singh has also joined the firm as an advisor. Speaking about the launch of its NFT marketplace, Nischal Shetty, founder of WazirX, said, “Both digital creators and collectors stand to benefit from the <keyword id="11047571" type="UNKNOWN" weightage="20" keywordseo="wazirx-nft-marketplace">WazirX NFT marketplace</keyword>. As of now, we are working around a certain nitty-gritty to make NFTs more lucrative for our customers.” <cmsannotation type="cmsannotation" annotationid="What is a non-fungible token (NFT)?" comment="subhead" text="What is a non-fungible token (NFT)?">What is a non-fungible token (NFT)?</cmsannotation> A non-fungible token (NFT) is a one-of-its kind digital asset that can be in the form of art pieces, audio files, videos, programs, digital goods and even tweets. What makes NFT unique is that it is non-fungible in nature, meaning that it cannot be replaced by another identical item and its copies cannot be created after its purchase. “Like the status of cryptocurrencies and Blockchain, even the non-fungible tokens that are NFTs are not recognised under any of the regulations in India. Having said that since the nature of NFTs is different from cryptocurrencies, there does not seem to be any specific restriction on usage of NFTs,” said Rashmi Deshpande, partner at law firm Khaitan &amp; Co. “Under the given legal structure, NFTs can at the most, be treated as a digital commodity and have taxation implications as any other asset. One needs to be clear that since NFTs are not competing with fiat currency in any possible way, there is no major issue on their usage in India as of now,” Deshpande explained. Twitter founder Jack Dorsey sold his first tweet on the platform for <a href="https://www.businessinsider.in/tech/news/twitter-ceo-jack-dorseys-first-tweet-is-expected-to-sell-for-2-5-million-on-sunday-this-is-why-the-nft-is-so-valuable-/articleshow/81619369.cms">$2.9 million</a> in an NFT-based transaction last month. The launch of the WazirX NFT marketplace will allow <keyword id="10910622" type="UNKNOWN" weightage="20" keywordseo="indian-creators">Indian creators</keyword> to place their digital assets for auction over the block-chain based marketplace and earn royalty. <cmsannotation type="cmsannotation" annotationid="What will be the charge for auctioning on the WazirX NFT marketplace?" comment="subhead" text="What will be the charge for auctioning on the WazirX NFT marketplace?">What will be the charge for auctioning on the WazirX NFT marketplace?</cmsannotation> WazirX has said that it will not charge its customers for creating and listing NFTs on its platform. However, a gas fee has to be paid to miners as NFT uses blockchains that allow smart contracts. A gas fee is the cost of the computational power used to verify the transaction. WazirX has added that it is working on removing this cost to make NFT minting more attractive for creators. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-man-who-bought-beeples-69-million-nft-reveals-his-identity-to-show-the-equalising-power-of-crypto-but-is-caught-in-a-controversy-himself/articleshow/81583375.cms">The man who bought Beeple’s $69 million NFT reveals his identity to show the equalising power of crypto — but is caught in a controversy himself</a> <a href="https://www.businessinsider.in/stock-market/news/snoop-dogg-and-lionel-richie-jump-in-on-nft-craze-as-crypto-com-launches-a-token-marketplace/articleshow/81655953.cms">Snoop Dogg and Lionel Richie jump in on NFT craze as Crypto.com launches a token marketplace</a> <a href="https://www.businessinsider.in/stock-market/news/nft-related-stocks-jump-as-investors-look-to-break-into-the-red-hot-digital-art-market/articleshow/81655687.cms">NFT-related stocks jump as investors look to break into the red-hot digital art market</a>

WazirX launches NFT marketplace for Indian artists and creators

<ul><li><keyword id="1985091" type="PERSON" weightage="20" keywordseo="dogecoin">Dogecoin</keyword> has seen a 10-time increase in its prices over the last one month.</li><li>This has caused a massive surge in traffic on <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>, one of the largest cryptocurrency exchanges in India, resulting in transaction failures and delays in orders.</li><li>While the company says the issue has been fixed, users continue to report issues.</li></ul>The Dogecoin frenzy has left one of India’s largest cryptocurrency exchanges panting for breath, with its users posting on social media about transaction delays, payment failures and their money getting stuck. The company pointed out that its servers are being overwhelmed by traffic caused by massive demand for Dogecoin. “Doge’s sudden price movement has caused a massive surge in our traffic. We’re seeing more than a 1000% spike in concurrent users,” it said. In a statement to Business Insider, WazirX’s Chief Executive Officer Nishcal Shetty pointed out that the issue was caused due to a system error. “Today, one of our systems - on detecting the high traffic - wrongly marked it as bad traffic and started blocking the requests. It was good traffic, and this error caused our users to have intermittent access to the app,” he said, explaining the cause of the problems faced by its users. He clarified that the issue was not caused due to server overload – instead, it was a system-side error. While Shetty said that the issue has been identified and fixed, users continue to report issues with depositing money and other transaction errors. <div type="twitter" handle="Arunn37" handlename="@runn kumar" image="http://pbs.twimg.com/profile_images/1389630610986004480/mSyTAwA6_normal.jpg" favoritecount="0" retweetcount="0" status="@WazirXIndia Didn't see any change. still facing issues with deposits.Thanks I got a confirmation that it's time… https://t.co/6OkmNc85l5" createdat="1620275679000" id="1390163073600679936"></div> We tried to add money too, but the UPI options were disabled and direct bank transfer via IMPS, NEFT and RTGS was not working either. <div type="image" title="WazirX deposit" msid="82425883" hostid="261" caption="&amp;lt;p&amp;gt;The UPI options were disabled and instant deposit did not work, either.&amp;lt;/p&amp;gt;"></div> Some users said they tried depositing money via UPI, but the money has not been deposited in their accounts. <div type="twitter" handle="bassholics" handlename="Bassholics" image="http://pbs.twimg.com/profile_images/1280558860999077888/s7Lv4gM7_normal.jpg" favoritecount="0" retweetcount="0" status="@shivangbhargav @NischalShetty @BuddhaSource Really bro, did you tried to find there office contact or address? I… https://t.co/NC10ShaKc9" createdat="1620275384000" id="1390161838319411205"></div> A few users said that this has been happening for several days now. <div type="twitter" handle="shivangbhargav" handlename="shivang bhargava" image="http://pbs.twimg.com/profile_images/1388989834639802372/gG5ul38Q_normal.jpg" favoritecount="2" retweetcount="0" status="Today is the 9th day and there is no response from wazirx despite raising tickets. My money did not reflect in my… https://t.co/pAvdHtpye4" createdat="1620209139000" id="1389883986319593475"></div> Update: Nischal Shetty has revealed that the UPI payment options are not working because banks have blocked them. We tried using the bank deposit option but that isn't working either. <div type="twitter" handle="NischalShetty" handlename="Nischal (WazirX) ⚡️" image="http://pbs.twimg.com/profile_images/960826344413286400/p8yDflBO_normal.jpg" favoritecount="288" retweetcount="97" status="UPI is not working?That’s because banks are not providing UPI to crypto exchangesDo you want to help?Then twe… https://t.co/amk9Pwax4S" createdat="1620296051000" id="1390248520121077763"></div> <div type="image" title="WazirX deposit error" msid="82429957" hostid="261" caption="&amp;lt;p&amp;gt;WazirX deposit error&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="What’s the Dogecoin frenzy?" comment="subhead" text="What’s the Dogecoin frenzy?">What’s the Dogecoin frenzy?</cmsannotation> Dogecoin, a cryptocurrency that was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer, has nearly doubled in the past week – it has gone up from ₹23.19 on April 29 to ₹45.19 as of May 6, doubling everyone’s investment in this timeframe. Going back one month, an investment of ₹1,000 in Dogecoin is now worth nearly ₹10,500. The massive surge in Dogecoin’s prices has been driven in part due to Elon Musk’s backing of the cryptocurrency, where he called it “the people’s crypto.” <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1383184766959120385/MM9DHPWC_normal.jpg" favoritecount="554529" retweetcount="104044" status="Dogecoin is the people’s crypto" createdat="1612426526000" id="1357241340313141249"></div> It’s not just a one-off endorsement of Dogecoin, either. Musk backed it as recently as April 29. <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1383184766959120385/MM9DHPWC_normal.jpg" favoritecount="452448" retweetcount="78478" status="The DogefatherSNL May 8" createdat="1619590847000" id="1387290679794089986"></div> Analysts <a href="https://www.cnbc.com/2021/05/04/dogecoins-price-is-rising-ahead-of-elon-musks-snl-appearance-.html">believe</a> Musk’s appearance on the upcoming late-night comedy show Saturday Night Live on May 8 is fueling the frenzy. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-worlds-biggest-holder-of-dogecoin-owns-28-of-the-cryptocurrency-a-position-now-worth-2-1-billion/articleshow/81078803.cms">The world's biggest holder of Dogecoin owns 28% of the cryptocurrency - a position now worth $2.1 billion</a> <a href="https://www.businessinsider.in/stock-market/news/a-33-year-old-dogecoin-investor-shares-how-he-became-a-millionaire-in-2-months-after-elon-musk-inspired-him-to-pile-into-the-meme-currency/articleshow/82258065.cms">A 33-year-old Dogecoin investor says he became a millionaire in 2 months after Elon Musk inspired him to pile into the meme currency</a> <a href="https://www.businessinsider.in/stock-market/news/dogecoins-80-billion-valuation-now-makes-it-bigger-than-these-10-well-known-companies/articleshow/82418823.cms">Dogecoin's $80 billion valuation now makes it bigger than these 10 well-known companies</a>

Dogecoin surge sends WazirX servers panting for help – users report failed transactions, delays in orders

<keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> exchange <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword> on Wednesday said it has recorded 2,648 per cent growth in user <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">sign-ups</a> from tier-II and -III cities of India. Based on a report generated by payments gateway firm <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword>, WazirX said tier-II and -III cities have driven almost 55 per cent of the total user sign-ups on its platform in 2021, thereby overtaking tier-I cities that demonstrated a sign-up growth of 2,375 per cent. WazirX in a statement said the influx of cheaper and faster internet clubbed with continuously-lowered smartphone prices have led to rapid internet penetration in the semi-urban cities and rural towns of India. "Coupled with the pandemic-induced lockdown, it has further accelerated the<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink"> digital</a> adoption in these regions. "Moreover, it has also been the biggest driver of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">crypto</a> adoption in India, as it has led to people trying to find new ways to earn online and diversify their portfolio," the statement said. The India-based exchange claims to have over over 7.3 million users, and has clocked over USD 21.8 billion in trading volume in 2021 till date. Tier-II cities like Ahmedabad, <keyword id="6355192" type="COMPANY" weightage="20" keywordseo="Lucknow">Lucknow</keyword> and <keyword id="6358805" type="UNKNOWN" weightage="20" keywordseo="patna">Patna</keyword> have reported an average growth of 2,950 per cent, whereas tier-III cities like Ranchi, Imphal and <keyword id="13178" type="COMPANY" weightage="20" keywordseo="Mohali">Mohali</keyword> have reported an average growth of 2,455 per cent on WazirX, the statement said. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/messis-impending-arrival-drives-the-value-of-psgs-crypto-token/articleshow/85175455.cms">Messi may or may not be going to PSG, but the French club is already seeing gains from the 'potential' signing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-firm-mudrex-which-offers-mutual-fund-like-crypto-investment-tools-raises-2-5-million-in-a-seed-round/articleshow/85205115.cms">This Indian crypto company just raised $2.5 million to launch crypto mutual funds and ETFs</a>

More than half of WazirX's new users this year are from tier 2 and tier 3 cities

<ul class="summary-list"><li>India's WazirX <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> exchange listed <keyword id="11258044" type="UNKNOWN" weightage="60" keywordseo="shiba-inu-coin">shiba inu coin</keyword> this week. </li><li>Shiba inu coin, which launched less than a year ago, took inspiration from <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword>.</li><li>The listing comes a day after <keyword id="4462663" type="PERSON" weightage="60" keywordseo="vitalik-buterin">Vitalik Buterin</keyword> donated <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-donation-shiba-inu-india-covid-relief-ethereum-cryptorelief-2021-5-1030426402">$1 billion worth of the tokens</a> to a crypto-based COVID-19 relief fund for India.</li></ul>The largest cryptocurrency exchange in India has listed shiba inu coin for trading a day after <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> co-creator Vitalik Buterin's donation of about $1 billion worth of the tokens to India for COVID-19 relief. Mumbai-based WazirX exchange, which is owned by Binance, listed the new token on Thursday, according to a <a href="https://blog.wazirx.com/buy-sell-trade-shiba-inu-shib-on-wazirx/">blog post</a>. "We were receiving a lot of requests from our community to bring SHIB on WazirX, and hence, we decided to list it," WazirX CEO Nischal Shetty told <a href="https://www.coindesk.com/binances-indian-crypto-exchange-lists-shib-token-as-vitalik-gift-garners-local-press">CoinDesk</a>. WazirX however will not accept direct SHIB deposits or facilitate its withdrawals. According to <a href="https://www.shibatoken.com/">shiba inu's website</a>, the only place to buy or sell the dogecoin knockoff is on Uniswap. Shiba inu, which was founded less than a year ago, took inspiration from a more established meme currency, dogecoin - even branding itself as a "<a href="https://www.shibatoken.com/" target="_blank" rel="noopener noreferrer">dogecoin killer</a>." According to its website, shiba inu is an "experiment in decentralized community building." The WazirX listing comes a day after Buterin donated <a href="https://etherscan.io/tx/0xb65bcbb85c1633b0ab4e4886c3cd8eeaeb63edbb39cacdb9223fdcf4454fd2c7" target="_blank" rel="noreferrer noopener">50 trillion SHIB tokens</a> <a href="https://markets.businessinsider.com/currencies/news/vitalik-buterin-donation-shiba-inu-india-covid-relief-ethereum-cryptorelief-2021-5-1030426402">worth around $1 billion</a> to a crypto-based COVID-19 relief fund for India. The token has skyrocketed and gained almost 1,000% over the past week but plunged after news of Buterin's donation broke.Shiba inu was last at $0.00002035 on Friday morning, up by 15%, according to CoinMarketCap <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener">data</a>. It is the 25th largest cryptocurrency in circulation based on its current market value of over $7.9 billion.The listing of meme tokens is often seen as a sign of legitimacy in the cryptocurrency community.On Thursday, Coinbase said it <a href="https://markets.businessinsider.com/news/stocks/dogecoin-doge-coinbase-trading-exchanges-elon-musk-tesla-bitcoin-2021-5-1030430221">will list the dogecoin</a> in six to eight weeks. Other exchanges that allow dogecoin trading include Kraken and Robinhood.

Binance's Indian exchange lists Shiba Inu coin a day after Ethereum creator Vitalik Buterin's $1 billion donation

<ul class="summary-list"><li>India's Enforcement Directorate raided properties associated with a director of WazirX, a crypto exchange owned by Binance.</li><li>The exchange is accused of helping 16 fintech firms launder money through crypto transactions.</li></ul>India's Enforcement Directorate (ED), the nation's financial regulator, raided properties associated with a director of Binance-owned crypto exchange WazirX, alleging the company assisted in fraud and money laundering. WazirX is India's largest crypto exchange and was acquired by Binance in 2019. Regulators have conducted a search of properties related to Sameer Mhatre, a director at WazirX, and have now frozen $8.16 million of the exchange's funds, according to <a href="https://www.reuters.com/business/finance/india-freezes-assets-binance-owned-local-unit-wazirx-2022-08-05/">Reuters</a>. Scrutiny over WazirX comes amid a crackdown on India's fintech scene, with ongoing investigations in companies that use "predatory lending practices," the ED said in a <a href="https://enforcementdirectorate.gov.in/sites/default/files/latestnews/PR%20HYZO_Freezing%20of%20assets%20of%20WazirX%20Crypto%20Exchange.pdf">statement</a> on Friday. Currently, regulators have identified 16 Indian-based fintech firms they suspect of purchasing crypto assets to launder their money overseas.When WazirX was asked about the activity, regulators said the crypto exchange was uncooperative."They are giving contradictory and ambiguous answers to evade oversight by Indian regulatory agencies," the ED said, noting that the exchange failed to give information on relevant transactions to regulators when asked on multiple occasions. The company also claimed that they didn't even record details of funds that flowed into the exchange until July 2020, regulators said, adding that the "non-cooperative stand" of Mhatre led them to search his related properties.It's not the first time WazirX has been accused wrongdoing. Last year, the ED found that the exchange laundered 570 million rupees by converting them into cryptocurrencies on Binance, according to <a href="https://www.reuters.com/world/india/india-investigates-binance-unit-crypto-transactions-violating-fx-rules-2021-06-11/">Reuters</a>.

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ED allows WazirX to use bank accounts frozen after raids

IANS

Binance ceases off-chain fund transfer with WazirX after ED raids

IANS

Trading on Indian crypto exchange WazirX drops by over 55%, WRX token loses sheen

IANS

WazirX launches NFT marketplace for Indian artists and creators

Rounak Jain

Dogecoin surge sends WazirX servers panting for help – users report failed transactions, delays in orders

Rounak Jain

More than half of WazirX's new users this year are from tier 2 and tier 3 cities

PTI

Binance's Indian exchange lists Shiba Inu coin a day after Ethereum creator Vitalik Buterin's $1 billion donation

Isabelle Lee

India's financial regulator raids director of Binance-owned crypto exchange and freezes funds over potential fraud and money-laundering

Jennifer Sor

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