WazirX set to resume operations on 24 October — but trust remains fractured
India’s largest crypto exchange, WazirX, is making a comeback with a 24 October relaunch. Lingering skepticism over past security breaches and unresolved investigations persists.
Key Takeaways
Why is WazirX’s relaunch significant?
It marks the return of India’s largest local exchange after over a year of regulatory freezes and a $230m hack.
Can zero-fee trading restore confidence among users?
While the 0% fee model aims to boost liquidity and participation, mixed community reactions show that many traders still demand transparency.
India’s largest home-grown crypto exchange, WazirX, will resume trading on 24 October. The resumption comes more than a year after freezing services amid regulatory pressure and a high-profile security breach.
The relaunch will feature 0% trading fees across all pairs, a move the company says is meant to “reignite liquidity and rebuild India’s crypto participation.”
A comeback after investigations, freezes, and a $230 million hack
The restart marks the end of a turbulent chapter for the exchange. WazirX halted its normal operations in 2024 after the Enforcement Directorate (ED) froze its bank accounts during an investigation into alleged money laundering and FEMA violations.
Around the same period, the platform suffered a $230 million hack, one of India’s largest crypto breaches. This crippled withdrawals and forced management to suspend trading while cooperating with law enforcement.
The platform also became embroiled in a public ownership dispute with Binance, which denied controlling WazirX despite an earlier acquisition announcement.
Reboot strategy: zero-fee trading and new compliance framework
According to the exchange, the 24 October relaunch will focus on transparency, user safety, and lower barriers to entry.
WazirX said the zero-fee model will stay in place “for a limited time” as it works to revive trading activity and strengthen partnerships with local banks.
The exchange is likely testing market appetite under India’s tighter crypto rules and MiCA-style global frameworks. A successful restart could signal growing regulatory acceptance of compliant domestic exchanges.
Community reaction remains mixed
Despite the optimistic tone of the announcement, reaction on X [formerly Twitter] was deeply divided.
Many users celebrated the relaunch as a step toward being able to access their funds. However, others accused the exchange of failing to address past user losses and labeled the comeback “a rebrand, not a revival.”
Several users also demanded audits and proof of reserves before resuming deposits, citing the unresolved steps for the hack.
The backlash highlighted the lingering trust deficit between traders and the centralized exchanges, especially after a period of banking restrictions and compliance disputes.
What comes next for India’s crypto scene
WazirX’s comeback will test whether India’s retail investors are ready to return to a domestic exchange ecosystem that once led the market but later ceded volume to offshore platforms like Binance and KuCoin.
For now, the exchange’s focus is on rebuilding liquidity, restoring confidence, and demonstrating that it can operate safely in a post-regulatory crackdown landscape, whether the community believes that message remains the biggest challenge ahead.
