Indian Crypto Users Cry Foul Over WazirX Account Closure and Fund Deductions
The Indian crypto community is now struggling with alleged scamming attempts on WazirX, one of the leading digital asset exchanges in the country. The platform finds itself in the middle of a heated controversy, especially surrounding its WazirX ZERO service and account closure policy.
Recently, users have raised concerns over the exchange’s deduction of funds without their consent. Now they are expressing outrage over the platform’s decision to pause account closure options, leaving them feeling trapped with their funds deducted.
The move has sparked a fierce backlash, with many accusing WazirX of exploiting its users and ignoring their rights. As the situation continues to unfold, the lack of action from authorities has only added fuel to the fire, leaving users wondering if their funds are truly safe on the platform.
WazirX Users Feel Trapped and Betrayed
The latest controversy surrounding the Indian crypto exchange is its restrictions on account closure. As WazirX has “paused” the account closure option, users allege that the platform is fraudulent.
Ajay Kashyap, a prominent crypto influencer in India, questioned in an X post the authorities’ silence on the matter. This underscores the exchange’s lack of response as the well the Indian government’s indifference to crypto. He stated,
“WazirX have PAUSED account closure option. This is how WazirX is exploiting. Indian crypto users. They’re keeping you trapped while draining your remaining funds. Why no authorities are taking any action against them.”
Deceptive Practices: Backlash over WazirX ZERO Service
As reported yesterday, WazirX faces mounting criticism for allegedly enrolling users in its WazirX ZERO service without consent. This move resulted in the unauthorized deduction of ₹99 from users’ accounts.
Influencer Kashyap has been vocal about this issue, labelling the company a “fraudster” and accusing it of exploiting users’ funds for PR purposes. According to him, the exchange has also deducted ₹120 from dormant accounts, claiming users had opted for the WazirX ZERO service.
However, CEO Nischal Shetty is staying muted on the increasing controversy, despite introducing the service as an ‘improvement’ to the platform. On December 18, he shared a post on X, noting,
“If you trade just 1 BTC TOTAL in entire year on most Indian exchanges You pay ₹16,000–₹30,000 in exchange fees. Trade 10 BTC You pay ₹1.6L–₹3L in fees alone. On WazirX ZERO You pay ₹1,200 for the entire year Whether you trade 1 BTC or 10 BTC or 1000 BTC. ₹1,200 and nothing more.”
Updated Terms of Use Spark Debate
In addition to the account closure restriction and auto fund deduction, the platform is also facing criticism for its frequent changes in the terms of use. While WazirX has recently updated the conditions, users like Kashyap remain discontent, asking, “How many times WazirX will update their TERMS of USE?”
He added that this move is the company’s tactic to “generalize” their decisions, which caused trouble for the users.
To a larger extent, users, including Kashyap, attribute this misconduct to the lack of clear regulations in the country. In another post, he noted, “As the crypto market in India is still largely unregulated, Indian crypto exchanges will keep exploiting Indian users.”
