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Why Wazirx is Down Today : WazirX Server Crashed During Bitcoin Dip

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Why Wazirx is Down Today : WazirX Server Crashed During Bitcoin Dip

WazirX, one of the largest cryptocurrency exchanges in India, was also amongst those who went down due to the massive crash. But it was not the sell-off that brought WazirX down – instead, the spike was a result of users wanting to ‘buy the dip,’ the company said.

The meltdown in the cryptocurrency market today has left millions of users of India’s largest cryptocurrency exchange, WazirX, fuming as the exchange’s services reportedly crashed

According to WazirX, India’s cryptocurrency exchange, signups from Tier-II and Tier-III cities have increased by 2648 percent. According to the exchange, over 7.3 million people have signed up for the platform, and over $21.8 billion worth of trading has taken place on it since 2021.

Twitter’s #IndiaWantsCrypto campaign, started by Shetty, reached its 1,000-day mark on Wednesday. Indian banks had been banned from doing business with crypto exchanges by the Reserve Bank of India, which prompted the campaign’s launch on November 1, 2018. Its goal was to disseminate accurate information about cryptocurrency. Shetty claims that the crypto industry in India has grown three to four times since the campaign began, from a population of 3-5 million to a current estimate of 15-20 million. The general public today understands that crypto is a new technology and not an alien term, as opposed to 2-2.5 years ago, he added.

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It has been announced that WazirX, the largest cryptocurrency exchange in India, is collaborating with TRM Labs, a leading blockchain analytics provider, to enhance the platform’s anti-money laundering and anti-fraud measures for transactions made on it.

In addition to tools for wallet screening, transaction monitoring, and investigations, TRM Labs offers a full-service platform for crypto compliance and risk management. As the industry’s most comprehensive asset monitoring solution, TRM’s monitoring capabilities cover over 360,000 digital assets spread across 20+ blockchains, including Ethereum, Binance Smart Chain, Dogecoin, Cardano, and Bitcoin.

With the recent clarification on access to banking services in India for cryptocurrency businesses, the partnership comes at a time when usage and demand for crypto in that country are soaring.

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It is important for exchanges like WazirX to demonstrate a strong capability to detect illicit activity on its platform because Indian authorities have previously expressed their concern that crypto assets could be used for criminal activity such as money laundering or funding terrorism.

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