The following WazirX review will elaborate on how this organization is running its shady operation. And you’ll learn why you must avoid WazirX coin and platform:
The crypto industry has been booming globally and India isn’t missing out on this trend. However, some people use industry trends to launch scams and deceive others.
Indian authorities exposed a dangerous crypto scam recently, called WazirX.
WazirX is a Mumbai-based cryptocurrency exchange. It claims to be India’s largest crypto exchange with 20 million+ users. However, they aren’t as legit as they claim to be.
Cryptocurrency is a digital currency that is created using an encryption algorithm. Accordingly, the cryptocurrency can work as both, virtual currency and accounting system.
Latest WazirX news and reviews suggest this company is involved in various illegal activities. From stealing its users’ funds to facilitating drug trafficking, WazirX has done it all.
The Masterminds Behind WazirX Crypto Scam: Nischal Shetty & Sameer Mhatre
WazirX is the brainchild of Nischal Shetty and Sameer Mhatre. They are also the co-founders of a Crowdfire, another notable startup and have been working together on WazirX ever since its inception.
There are a plethora of articles available online that praise Nischal as a hero.
Recently, he has been giving interviews to different media outlets. Why? Because he wants to bury the latest WazirX news surrounding his firm’s suspected illicit activities.
Most of the articles that praise him uncontrollably are the result of paid PR. Many online scammers pay blogs and magazines to sing their praises.
It helps them seem more credible and bury any negative content about their scams. Mazi Picks, a prominent sport-betting scammer, uses this strategy to attract victims too.
Nischal shares his narcissism with his staff. WazirX support quality has been in question since its mishandling of customer complaints this year.
The “WazirX crash” was a notable event of the Indian crypto scene. There was an uproar from clients, but WazirX’s customer support ignored most of the complaints.
You can’t blame the staff here. It all depends on the leader, who himself seems pretty self-absorbed.
Also, Sameer Mhatre is the COO of WazirX. He handles the technical aspects of this crypto exchange. Together, Nischal and Sameer are running the largest crypto scam in India.
Nischal is the face of the company while Sameer stays in the background.
Both of them are prominent influencers in India’s crypto industry. Latest WazirX news suggests that they might be facing the threat of multiple lawsuits or even jail:
WazirX Crash That Nischal Wants You To Forget About
My WazirX review would be incomplete if I didn’t mention the notorious WazirX crash. This year, WazirX crashes have occurred three times.
People have lost substantial investments and opportunities because of these crashes.
Even though it claims to be the leading crypto exchange in India, WazirX’s servers fail whenever a significant event happens in the crypto industry.
Users couldn’t log into their accounts, trade cryptocurrencies, and transfer funds because of the WazirX crash.
The Indian exchange’s servers crashed when Bitcoin’s price started falling in May. It happened because Elon Musk said he wouldn’t accept Bitcoin payments anymore.
People wanted to use the sharp price fall in Bitcoin to buy or sell assets. However, WazirX servers crashed as soon as this news broke out. As a result, no one could trade on their platform.
‘’’Whenever something significant happens in the crypto world, you’ll see WazirX crash. It happened multiple times in the last few months and could happen again.
It caused a wide uproar among clients. Many people complained about the poor WazirX customer support. Because they weren’t receiving any responses from the firm.
A similar crash had occurred when Dogecoin, another cryptocurrency, had started booming.
Enthusiasts wanted to seize this opportunity but couldn’t. WazirX had failed them again.
The recurring WazirX crashes and their timing suggest the company might be preventing users from trading properly. They might have vested interest in preventing people from utilizing price surges or falls.
Flagged As Criminals By The ED: The ₹2,791 Crore Illegal Transactions With China
The Enforcement Directorate issued a show cause notice to WazirX in June 2021. ED is the premier economic law enforcement agency in India.
The show cause notice was for suspicious transactions worth INR 2,791 crores (around $376 million). ED suspects that those transactions violated the Foreign Exchange Management Act (FEMA).
That’s not all.
According to the ED, WazirX has numerous undocumented transactions. There is no data available about those transactions on the blockchain. Hence, the agency can’t investigate them.
ED suspects that WazirX has become a platform for money launderers. Moreover, they found that WazirX users received INR 880 crores from Binance accounts. And sent cryptocurrency worth INR 1400 crores.
These transactions have no record. Also, the Indian agency found that WazirX users can transfer cryptocurrencies to others without requiring any documentation. This includes transactions with users from different countries.
The lack of proper documentation suggests that WazirX might have become a platform for money laundering. Because ED found many Chinese nationals had laundered money through this exchange.
According to ED, the money laundering process was:
- Converting INR 57 crores into cryptocurrency tether
- Transferring it into Binance wallets
After the funds reached Binance wallets, the money laundering process was complete. ED found INR 57 crore that were laundered through this process.
Binance is registered in Cayman Islands and is a prominent exchange.
Would it be safe to trade crypto through a money-laundering platform? I don’t think so.
Another WazirX News: Suspected Involvement in Drug Trafficking
Another reason why I wrote this WazirX review is because of their suspected involvement in drug trafficking.
The Narcotics Control Bureau (NCB) has asked WazirX about drug dealing transactions happening on their platform. They recently arrested Makarand Pardeep Adivirkar who was using Bitcoin to purchase illegal drugs.
The suspected drug dealer mentioned WazirX. He claimed that he used the crypto exchange for making transactions.
It comes in the wake of ED’s show cause notice for illegal transactions worth INR 2,791 crores.
WazirX has pointed out that the user doesn’t exist on their platform. It’s a weak defense because anyone can create multiple accounts for conducting nefarious activities.
Moreover, out of numerous crypto exchanges, why did the suspect only mention WazirX?
It shows the platform might have become a haven for illegal transactions.
Certainly, it isn’t safe to trade cryptocurrencies there. The lack of proper regulation and documentation has made WazirX a sanctuary for criminals. Unless you want to launder money or buy drugs, WazirX might be unsafe for you.
How WazirX Tried To Deflecting & Trying To Bury The ED Statement
WazirX didn’t stay silent after receiving a show cause notice from the ED and an enquiry by NCB.
They released saying they hadn’t received any notice from the ED at all. Why would the government agency lie about a money laundering case?
They didn’t.
It’s WazirX who’s trying to distract consumers from the INR 2.791 crore case. They released this statement because their users were getting scared of the platform.
No law-abiding citizen likes to use a money-laundering platform.
WazirX released this statement to make it seem as if nothing had happened. They want people to think they aren’t facing any legal threats whatsoever.
After all, if people got afraid, they would stop trading on the crypto exchange. Nischal doesn’t want that.
WazirX had been getting away with such shady activities but then, Twitteratis caught wind of them.
#WazirXCaught was trending on Twitter India in June. People started talking about the crypto exchange’s involvement in multiple illegal activities.
Since then, the company has been trying to bury the news. They have been posting multiple blog posts to ensure consumers don’t find out about their drug trafficking and money laundering cases.
Their blog has nothing but useless content. But it helps them bury any WazirX news article talking about the company’s illegal activities.
It’s an unethical strategy but it’s working.
In the next section of my WazirX review, I’ll discuss the timeline of events that occurred on Twitter:
#WazirXCaught Trended On Twitter, But WazirX Nipped It In The Bud
On 11 June, the Enforcement Directorate had tweeted this:
They tweeted about the show cause notice they had sent to WazirX for violating the FEMA act.
Soon after this, people started tweeting with #WazirXCaught.
The trend started when a user called Rahul Ranghar had tweeted “Our Money is not safe on wazirx”:
After that, many others started tweeting with this hashtag, causing it to appear in India’s top Twitter trends of the day.
However, as soon as #WazirXCaught started trending, several accounts started praising and defending the exchange. These accounts said that the hashtag was only a defamation attempt.
This begs the question, is a legal notice by a law agency defamation? Is talking about a company’s involvement in laundering funds worth around $376 million slander?
Certainly not.
What’s suspicious is the person who started the trend took back his statement a while later:
This is unusual. Why did they change their stance so quickly and weirdly?
The reason could be quite dangerous. Many companies start treating people for exposing their nefarious activities.
The threat could be in the form of a defamation lawsuit or simply a warning.
Keep in mind that large enterprises have strong legal support. No one would want to face those armies in court. It’s a prominent reason why platforms such as Reddit and Gripeo are getting popular.
They allow users to share their views and reviews without such dangers.
WazirX Marketing Team and its Fans:
When #WazirXCaught started trending, the marketing team of the firm started pumping out tweets in support of the company.
Many of the key tweets vanished from the website. This is similar to what happened in the case of WhiteHat Jr. Twitter is gaining notoriety because of such events too.
Here are some users’ tweets about the shady activities of WazirX:
WazirX had recently tweeted its response to NCB’s probe in to their involvement in drug deals.
As I mentioned earlier, they said the user didn’t exist on their platform. Also, they claimed they follow global best practices on AML and KYC compliances with a strong monitoring system.
Instead of denying any drug dealings occurring on thier platform, they said they follow KYC policies. It’s not the appropriate response for sure.
The social media team of WazirX used fake Twitter accounts to discredit any allegations. On top of that, this company knows how to manipulate people effectively.
Why were some people defending this company for being involved in drug deals and money laundering? The next section of my WazirX review will explain the reason:
WazirX Refer and Earn: Exactly How WazirX Gets Heavily Biased “Reviews” & Fan Boys
The “WazirX refer and earn” system is quite attractive. By using a WazirX referral code, you can get 50% commission on every trade and have unlimited earnings.
Their referral system encourages users to promote the company. And when people earn funds for recommending a product, they wouldn’t want it to look bad, would they?
Many users of this crypto exchange defended it strongly because they want to earn from the referral system.
It’s a common tactic among shady organizations.
QNET, a notorious MLM scam, has a robust referral system as well. It promises hefty earnings with minimum effort.
Like WazirX, QNET has a ton of defenders as well.
The WazirX refer and earn system offers 50% of the fees it charges its users. This suggests the platform charges excessive fees. Otherwise, how could it manage its earnings with mere 50% of the fees?
While the referral system has attractive offers, it has its technical flaws.
Even if you shared your WazirX referral code with your friend, you might not earn commissions if:
- Your friend signed up through the WazirX app (Android or iOS)
- They didn’t click on the code
- Their KYC wasn’t complete
Add a marketing team and paid articles to the mix and you’d have a company with a seemingly pristine reputation.
WazirX Withdrawal Issues: Users Can’t Withdraw Their Funds Anymore
Apart from its suspected involvement in numerous criminal activities, this company seems to lack care for customers as well.
Many users complain that they can’t withdraw funds from their WazirX account.
One user complained that even though they have balance in their WazirX account, the platform says their balance is zero when they get to the withdrawal window.
This is a highly unethical practice. However, for a company that is facing legal charges for drug deals, it isn’t surprising.
That’s not all. There are a ton of WazirX complaints about its poor withdrawal system. Apparently, this firm doesn’t let its users get their funds back.
WazirX Reviews & Complaints 2021: Shocking Truth That Nischal Doesn’t Want You To Know!
There are a ton of WazirX complaints online. All of them say that the platform doesn’t allow them to withdraw their funds.
I can’t mention all WazirX complaints I found. That would make this article too long.
However, I can share some of them.
Going through any one of these reviews will help you understand why this company is unsuitable for you.
The sheer number of WazirX complaints suggests its users are unhappy. Certainly, most of the people defending this firm on Twitter weren’t even its users.
If they were, they wouldn’t be defending the firm the way they did.
WazirX Review 2021: Verdict
You have reached the conclusion of my WazirX review. This company is doing every illegal activity a crypto exchange can do, which is highly dangerous.
They don’t allow their users to withdraw funds, they try to bury the voices of their users, and they even allow money laundering to happen on their platform. All of this suggests that WazirX is an unethical enterprise.
Beware of this company. It might be unsafe.
Share this WazirX review India! Let other crypto enthusiasts know the truth about this dangerous scam. The more people know their reality, the better.
WazirX must have known about the money laundering going on in their platform. When someone transfers 3000 crores through your platform, you notice that. It’s not like there too big either. They are only big in India. I guess you can also say that they are big in China too lol.
I hope ED launches a full-fledged investigation against this company. Facilitating money laundering is not a small crime. It’s dangerous.
ED should launch a proper investigation into WazirX.
How can criminals do money laundering of nearly 3 thousand crore rupees without the platform knowing anything about it?
Is it still not safe to use wazirx? Any updates after that?
I was logged out of my WazirX account last month during the crash. Because of that I couldn’t get make any trades and lost out on a lot of $$$. I can’t even explain how infuriating that was!!