WazirX Terminates This Service Amid Power Dispute With Binance

WazirX, India’s largest crypto exchange, has shut down its NFT marketplace WazirX NFT. The website displays that the WazirX NFT has “sunsetted” and customers can continue to trade on OpenSea. The NFTs that were bought on the WazirX marketplace can be traded through OpenSea now.

WazirX said in a statement that they are saddened to inform that the WazirX NFT Marketplace has been discontinued. They took the moment to express pride in launching the first NFT Marketplace in India in June 2021. This featured the creations of numerous artists. The reason for the shutdown as per WaxirX is the platform not gaining “enough traction”.

WazirX NFT: The first Indian NFT marketplace

Wazir X expressed their pride in their contribution to the NFT industry in India by adding that they provided a platform for creators to exhibit their skills, and their efforts helped to highlight many talented Indian creators. The firm extended its gratitude to its users and partners for their continuous support throughout their journey.

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India has till now not taken any clear stand on cryptocurrencies and Virtual Digital Assets. The Union Budget of 2022 imposed 30% taxes on profits gained from transactions of virtual assets. However, in the Union Budget of 2023, the Finance Minister had not even mention digital assets once in her 80 minutes talk in the Indian Parliament. The high TDS led to the shifting of the base overseas by Indian consumers. This has taken the Indian digital market to a standstill.

WazirX, Binance dispute over ownership

WazirX also faced the scrutiny of the Indian government when Enforcement Directorate seized assets worth over 69 crores INR citing the reason of money laundering. It laid off over 50 employees stating the reason for the crypto firm. The leading exchange of India is also slashing down its operations due to poor crypto market conditions that prevailed throughout 2022.

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

Also read: Binance Partners With This Payments Giant, Strengthens Position Amid Crypto Crackdown

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