The last week has been heavy on the Crypto Industry, wherein one of the major crypto exchanges filed for bankruptcy. We are well aware and understand how apprehensive you might be at the moment after reading about these unprecedented events that have rattled the crypto industry. We also sense that a lot of uncertainty has clouded the crypto markets with the FTX fiasco, and hence we wanted to reach out to all of you with the sole purpose of highlighting the principles of risk management and consumer protection we follow and to reiterate that, safety and protection of customer assets are of paramount importance to our organization.
At the outset, we would like to assure you that WazirX is not affected. The customer assets are appropriately segregated, accounted for, and held by the Exchange in a custodial capacity, thereby insulating the assets from such risks. Deposits, withdrawals, and trading are fully functioning, and it is business as usual for WazirX and its users.
WazirX is known for its customer-first mindset. To maintain this approach, here are the key points that we strictly follow:
- We do not risk customer assets and maintain a safe custody approach.
- We do not participate in staking/trading in our proprietary capacity, nor do we use customer assets as leverage. At the same time, we do not encourage any such products on the platform.
- We strongly believe that the customer assets are for the respective customer to deal with, and we, as a platform, are only holding it in a fiduciary capacity.
Our state-of-the-art systems, dedicated personnel, policies, and procedures have always been striving to be customer-centric. Our focus is to provide you with the best trading experience, and we will continue to do that. While we are doing all that we can, we look forward to transparent regulations that would be in the interest and development of the crypto market.
Do keep supporting us like you always do. We look forward to growing and innovating together!
Team WazirXDisclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.