Indian crypto exchange WazirX is resuming operations starting October 24, following the successful completion of its restructuring process.
The beleaguered crypto platform recently secured approval from the Singapore High Court for its long-awaited debt restructuring plan. The exchange has spent over a year navigating restructuring and restoring user balances following the $230 million hack in July 2024.
On Thursday, a company release shared with Cryptonews said that the relaunch will begin in a “phased launch approach”. It will initially start with certain crypto-to-crypto pairs and USDT/INR pair, followed by “gradual expansion” into additional markets in the coming days.
WazirX founder, Nischal Shetty, announced that the funds page is live with “rebalanced tokens.” Further, the INR and crypto deposits are open.
“We’re now working on withdrawals and trading. Stay tuned for an update very soon,” he wrote on X. “We’re focused on the restart.”
WazirX Offers Zero Percent Trading Fees, Promises Recovery Tokens to Creditors
Further, the exchange has announced 0% trading fees for all users as part of the relaunch offer. This will apply to all trading pairs, the release noted.
“At the heart of everything we do is our mission to make crypto accessible to every Indian,” said Shetty.
Besides, he said that the platform is working towards the issuance of Recovery Tokens to creditors. These tokens are intended to represent each Scheme Creditor’s share of illiquid and stolen assets. This means that the tokens will be issued to creditors based on the value of their relevant claims.
“WazirX is able to restart operations and initiate token distributions to creditors within 10 business days as estimated,” Shetty added.
Additionally, the exchange has partnered with crypto custody firm BitGo for asset security as it restarts.
“Our partnership with BitGo adds an additional layer of trust and protection with world-class custody standards, as we restart. This isn’t just a return to operations, it’s a reinforcement of our integrity, which we’ve always strived for.”
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