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India’s last standing cryptocurrency exchange—WazirX’s Nischal Shetty [INTERVIEW]

Nischal Shetty, founder of WazirX, shares his story building the only crypto exchange left standing in a country hostile to cryptocurrency.  WazirX dodged the regulatory pressure through innovation. By engineering the first auto-matching P2P engine he was able to dodge regulatory pressure that shuttered all other major exchanges in India. Nishchal Shetty Nischal, tell us about your journey starting WazirX? “Nischal: I’ve been a believer in blockchain for many years, but it wasn’t until 2017 that I went down the blockchain rabbit hole.” … “I tried using Indian cryptocurrency exchanges and my experience was pretty disappointing. I felt that the products lacked good UX and transparency. Having built Crowdfire—a social media management product with 20 Million users—our team well understood what it takes to build and scale a global tech product out of India.” … “We love challenges, and decided to build WazirX—a cryptocurrency exchange for India which offers world-class UX, transparency and trust. WazirX is available on Web, Android, iOS in India and around the world.” What is your opinion on the shut-down of Indian exchanges Koinex and Zebpay? “Nischal: The news of Koinex and Zebpay shutting down was unfortunate for the Indian cryptocurrency ecosystem. But when you look at the bigger picture, you’ll see that crypto is here to stay forever.” … “It’s the next big revolution after the Internet.” … “Regulatory uncertainties require exchanges to adapt accordingly and I’m proud that we did exactly that at WazirX. When the banking ban came into effect we were the first exchange to launch an innovative P2P solution. This gave us a huge boost and helped us quickly become India’s largest and most trusted crypto exchange.” What are your struggles in currently operating WazirX? How are you dealing with challenges which made Koinex/Zebpay exit the Indian market?  “Nischal: Companies have their own life cycles and their own set of reasons to start or stop their business. At WazirX, we’re fighting hard for cryptocurrency regulations in India. I’ve been running a Twitter campaign called #IndiaWantsCrypto for 320 days. Many people have joined this campaign, and it’s been picked up by journalists and influencers globally.” … “We’re continuously innovating and launching features that will help us bring the next million people into cryptocurrency. WazirX crypto-to-crypto trading is already available for all countries. We have also launched our one-of-a-kind P2P system in eight new countries.” What is your opinion on the current crypto bill which is circulating on Indian media? “Nischal: I strongly believe that the recent report by the inter-ministerial committee (IMC) is fundamentally flawed and doesn’t understand crypto principles. Blockchain is a nascent technology, and Indian government should involve the crypto industry of India in understanding it, and follow the lead of developed nations like Japan, and the U.S. Banning is not a solution. Here are some key points about the report: A team of non-technologists made this report, and no industry experts were consulted during the process. The committee highlighted crypto’s use as a “currency”, but left its other use-cases like asset, security and utility. India isn’t comfortable with crypto being used as a currency and that’s understandable. But not realising the fact that maximum crypto activity in India is in the domain of asset and utility is a grave error that the IMC report has made. They talk about promoting DLT but banning crypto. That’s like saying we want the internet but no websites. I’ve even written a detailed post explaining the problems with the recommendation. How is WazirX operating without banking support? Is it purely P2P? “Nischal: Shortly after the Indian central bank imposed a banking ban on cryptocurrency exchanges in India, we innovated and launched WazirX P2P. It’s the world’s first auto-matching P2P engine, and has been a gamechanger in the Indian cryptocurrency ecosystem! WazirX P2P is the cheapest, fastest and simplest way to buy/sell crypto using Indian Rupees in India. We’re seeing several P2P trades happening every minute, and rapid growth in our P2P volume every month.” … “Due to its unique nature, WazirX P2P is the best solution to the fiat to crypto conversion problem around the world. We have also launched P2P in new countries like Indonesia, Russia, Ukraine, Nigeria, Italy, Turkey, and Saudi Arabia. We’ll take P2P to more countries soon.” Where do you think Indian market is headed? Opinion on current government stance? “Nischal: The crypto-ban recommendation has brought us to a very crucial point in the crypto revolution. The entire industry, including exchanges, lawyers, traders, influencers have come together so that this draconian proposal is not accepted by the government. I’m optimistic that the government will listen to us, and positively regulate crypto in India.” … “Earlier in September, the Steering Committee on Fintech-Related Issues submitted its final report to the Indian Finance Minister. The report is well-researched, and talks about crypto use cases, smart contracts, ICOs. This is definitely a positive step towards crypto by India.” … “Last week, Rajeev Chandrashekhar, a visionary technologist, entrepreneur and a Member of Parliament, gave us an audience. He’ll be helping and guiding us towards positive regulations.” Anything else you’d like to share with our readers? “Nischal: I’d say Blockchain and cryptocurrency are innovative technologies. This innovation has led to various use cases, good and bad. While knee jerk reaction by the Indian central bank was to prohibit banking access, I’m confident that as a community we will be able to convince our government to regulate and not ban such innovative technologies.” … “We need help and support from everyone around the world. You can use the hashtag #IndiaWantsCrypto to voice your support for positive crypto regulations in India.” The post India’s last standing cryptocurrency exchange—WazirX’s Nischal Shetty [INTERVIEW] appeared first on CryptoSlate.
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Verizon Routing Issues Causes Cloudflare Outages Taking Down Coinbase, HitBTC, and WazirX

As a result of the issue, many internet IP routes were severely affected, thereby affecting the operational capabilities of many cryptocurrency exchanges located all around the globe. [status] Identified: We are currently investigating this issue. We think it is related to a Cloudflare outage.https://t.co/eag1kOhfWN https://t.co/LECYP6roo6 — Coinbase Support (@CoinbaseSupport) June 24, 2019 As per a […]
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Coinbase, HitBTC, WazirX report Cloudflare outage issues

The world’s leading cryptocurrency exchange, Coinbase, reported experiencing intermittent access issues which was traced to a Cloudflare outage. In a blog post, Cloudflare reported that it observed network related issues on Monday morning. The support team revealed that Cloudflare identified a potential “route leak” which affected some of its IP ranges, shortly after the news broke out on […] The post Coinbase, HitBTC, WazirX report Cloudflare outage issues appeared first on AMBCrypto.
AMBCrypto

WazirX crypto exchange adds support for Monero (XMR)

WazirX crypto exchange adds support for Monero (XMR) - CryptoNinjas WazirX, a global crypto exchange company out of India, today announced its 4th token listing of the month, with Monero (XMR) finally available. Users can now buy, sell, and trade XMR within the USDT and BTC markets on the WazirX exchange. XMR Deposits & Withdrawals Adding support for XMR is a part of the WazirX […] WazirX crypto exchange adds support for Monero (XMR) - CryptoNinjas
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Crypto exchange WazirX unveils rapid token listing initiative

Crypto exchange WazirX unveils rapid token listing initiative - CryptoNinjas WazirX, an India based cryptocurrency exchange, today unveiled a new Rapid Listing Initiative to provide its users an expansion of the tokens available to trade on the exchange in a faster manner. Currently, WazirX is focused on bringing the exchange to more countries, and due to this, the token listing process has taken a backseat. […] Crypto exchange WazirX unveils rapid token listing initiative - CryptoNinjas
CryptoNinjas

Bitcoin Ban In India Will Lead To An Increased Money Laundering Says WazirX CEO

“Ban crypto to promote money laundering; Regulate crypto to prevent money laundering.” Nischal Shetty, the CEO of WazirX and one of the biggest voice for the pro-crypto movement in India said. BAN Crypto to PROMOTE Money Laundering REGULATE Crypto to PREVENT Money Laundering Any subject matter expert will agree Regulation > Ban Dear @nsitharaman @narendramodi […]
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Cryptocurrency regulation necessary for money laundering, not ban in India; tweets WazirX CEO

The ‘draft bill’ in India for banning digital assets that circulated through social media stunned the entire crypto community as the regulatory bodies are yet to clarify its stance on the matter. Under the proposed Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019, mining, trading or owning cryptocurrency in India which calls for penalties of up to 10 years in jail. The Indian cryptocurrency ecosystem is on the fence due to lack of transparency in the regulatory climate. According to a report by ET, government departments in the country were aware and very much in support of the circulated draft. Nischal Shetty, the CEO of WazirX, a Mumbai-based cryptocurrency exchange, in a recent tweet, insisted that regulations in the cryptocurrency sector is important and not a blanket ban which would only stimulate money laundering. Shetty’s tweet comes at a time when cryptocurrency exchanges were geo-blocking/geo-fencing certain regions to comply with the native regulations, His tweet read, BAN Crypto to PROMOTE Money Laundering REGULATE Crypto to PREVENT Money Laundering Any subject matter expert will agree Regulation > Ban Dear @nsitharaman @narendramodi Ban is the opposite of what India wants to achieve. Hence US & EU aren’t banning it#IndiaWantsCrypto — Nischal (WazirX) (@NischalShetty) June 15, 2019 The CEO also hoped that the much-hyped Facebook cryptocurrency which, according to him, is a “game changer”, will foster mass adoption by firms globally and India would not want to be left behind. The narrative of “blockchain and not cryptocurrency” in the country is flawed, Shetty in another tweet said. The post Cryptocurrency regulation necessary for money laundering, not ban in India; tweets WazirX CEO appeared first on AMBCrypto.
AMBCrypto

India: Finance Secy claims crypto report is ready; WazirX CEO says it’s ‘too early’ for regulations

India would soon be deciding the fate of cryptocurrencies in the country; Subhash Chandra Garg, the Finance Secretary, said that the report pertaining cryptocurrency regulation was ready and would soon be submitted to the Finance Minister, cited by Business Standard. Garg said: “We will submit it to the finance minister (soon). Of course, once the approval is done, it will be made public.” Subhash Chandra Garg was heading a committee to understand cryptocurrencies and decide regulations for the same. The previous hearing with the Supreme Court on March 29 was supposed to provide the crypto community some clarity on the status of crypto in the country. However, the case was adjourned. As the newly appointed Finance Minister Nirmala Sitharam approves the said document, it will be made public, cited the report. The Chief Executive Officer of WazirX Nischal Shetty added that once the draft becomes public, the government should consider the views of people in the crypto-space. He added: “Inviting the crypto industry for comments on the new draft is very important since crypto is a relatively new field with less domain knowledge in the country.” Even though regulations would ensure the protection of investors from fraudulent activities and help businesses grow, it’s imperative that the regulations are levied over time and not right away, he said. Shetty further added: “I honestly think it’s too early to implement any regulation in this space. Every nation is working with drafts and recommendations with its industry participants. So while the draft is good for the industry, it shouldn’t be implemented without trialing it out in a sandboxed manner.” The Supreme Court of India is scheduled to listen to the ‘Crypto Vs. RBI’ case in July 2019. The post India: Finance Secy claims crypto report is ready; WazirX CEO says it’s ‘too early’ for regulations appeared first on AMBCrypto.
AMBCrypto

Coindelta Shuts Down Operations In India, As WazirX Offers Users Refunds to Their Former Users

The regulatory landscape in India has been uncertain lately. Despite scheduling a hearing on the regulations that will impact the still-nascent crypto industry, the meeting was instantly postponed, leaving many exchanges in the dark. With the ban against crypto and bank relations still in effect, many platforms are being forced out as a result of […]
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Indian crypto exchange WazirX offers refund on withdrawal fees for users moving from Coindelta

Coindelta joins the list of crypto exchanges shutting down in India, owing to the lack of regulations and the ongoing Reserve Bank of India [RBI] ban on crypto transactions. Coindelta ceased operations on 30 March at 2 pm IST, announcing the same via a blog, “It has been really difficult for us to operate Coindelta exchange for the last 6 months. The curb on the bank accounts by RBI has made us handicapped in order to provide seamless deposit and withdrawal services.” However, the shutdown comes with users having to pay hiked withdrawal fees to withdraw their crypto from Coindelta. This issue of exchanges hiking their withdrawal fees was highlighted previously when Zebpay ceased operations in India and increased withdrawal fees for users. At the time, Bitbns, another prominent exchange, took advantage of the situation and asked Zebpay users to transfer their funds to Bitbns. They were then refunded the withdrawal fees paid to Zebpay. WazirX, a cryptocurrency exchange in India, followed the footsteps of Bitbns and offered Coindelta users to move to WazirX and get a full refund of their withdrawal fees to Coindelta. Nischal Shetty, the founder and CEO of WazirX, announced this through a video and a tweet, “We heard you. Got many messages that withdrawal fees from Coindelta has been increased. Don’t worry, move all your funds to WazirX and get 100% of the withdrawal fees refunded #IndiaWantsCrypto Let’s keep the crypto fire burning in India ” This news follows the adjournment of the Crypto vs. RBI case in the Supreme Court of India which had allocated four week’s time to the Government of India to take a decision on the regulation of cryptocurrency. The matter was to be heard on March 29, but was adjourned owing to the government’s request. The new date has not been provided by the court, but the hearing is supposed to take place in the second week of July. The post Indian crypto exchange WazirX offers refund on withdrawal fees for users moving from Coindelta appeared first on AMBCrypto.
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