Crypto exchange WazirX faces outage, crashes after all-time high trading volumes – now fixed

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© Provided by The Financial Express Cryptocurrency. Representational image

One of India’s largest cryptocurrency exchanges, WazirX, faced an outage late Sunday night. The Binance-owned exchange’s founder and CEO, Nischal Shetty took to Twitter to allay fears among investors saying that their wallets and money was safe and that the exchange was looking to fix the problem as soon as possible. WazirX is one of the many cryptocurrency exchanges investors use to trade in Bitcoin, Ethereum, and even the exchange’s own tokens WRX.

This crash came just shortly after the Indian cryptocurrency exchange WazirX had crossed $200 million in daily trading volume. It was launched in March 2018 and had also introduced its own tokens, which had grown 145 per cent in just one day. This is the highest trading volume by any crypto exchange in the Indian market, according to the company, amid the regulatory uncertainty over the use and adoption of cryptos by businesses and individuals in the country.

As per CoinMarketCap, WazirX was the 27th top crypto exchange globally based on traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes. Its 24-hour trading volume stood at $218 million with 137 coins available for trading to customers.

The outage had WazirX trending on Twitter, with investors facing delays in transactions going through or trades not reflecting on the exchange. Shetty said that issue would be fixed as well.

The exchange is now back online, although some investors are facing intermittent outages.

Also read: Binance-owned Indian crypto exchange WazirX crosses $200m in daily trading volume, eyes $1bn in 2021

It may be noted that the Corporate Affairs Ministry had announced the amendments made in schedule III of the Companies Act with effect from April 1, 2021, according to a notification issued. Earlier, the government had said that crypto gains would be taxable as income while GST (Goods and Services Tax) will be applicable on services by crypto exchanges. In March 2021, in a written reply to a question in the Rajya Sabha, Minister of State for Finance Ministry Anurag Singh Thakur had said that the government will be making a decision on the recommendations made by the Inter-Ministerial Committee (IMC) on cryptocurrencies in India.