WazirX is ending this service amid a power struggle with Binance

WazirX, India’s largest crypto exchange, has closed the WazirX NFT NFT market. The website shows that WazirX NFT has “set” and customers can continue trading on OpenSea. NFTs purchased on the WazirX market can be traded through OpenSea now.

WazirX said in a statement that it regrets to inform that the WazirX NFT Marketplace has been discontinued. They took the moment to express pride in the launch of the first NFT Marketplace in India in June 2021. This featured the creations of many artists. The reason for the shutdown according to WaxirX is that the platform is not gaining “enough traction.”


WazirX NFT: India’s first NFT marketplace

Wazir X expressed their pride in their contribution to the NFT industry in India adding that they have provided a platform for creators to showcase their skills and their efforts have helped many talented Indian creators emerge. The company expressed its gratitude to its users and partners for their continued support throughout their journey.

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India has so far not taken a clear stand on cryptocurrencies and virtual digital assets. The Union Budget 2022 imposed 30% taxes on profits earned from trading in virtual assets. However, in the 2023 Union Budget, the Finance Minister did not even mention digital assets once in her 80-minute speech to the Indian Parliament. High TDS has led to base shift abroad by Indian consumers. This has led the Indian digital market to a standstill.

WazirX, Binance ownership dispute

WazirX also faced scrutiny from the Indian government when the Enforcement Directorate seized assets worth over INR 69 crores citing money laundering as the reason. He fired more than 50 employees stating the reason for the crypto company. India’s leading stock exchange is also reducing its activities due to the poor conditions in the cryptocurrency market that prevailed throughout 2022.

The company is also embroiled in a dispute with Binance over the ownership of Zanmai Labs, which is a company co-founded by Nischal Shetty, founder of WazirX, and the parent company of Binance. The dispute started on Twitter in August 2022 and is related to the reported sale of WazirX to Binance, which was originally announced in November 2019.

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Shourya is a fintech enthusiast who mainly reports on cryptocurrency prices, Union Budget, CBDC and FTX collapse. Connect with her at [email protected] or tweet at Shourya_Jha7

The content presented may include the personal opinion of the author and is subject to terms of purchase. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.

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