What I have learnt about wazirx

[BitKongy]

I read a news today that binance exchange will end up disabling wazirx wallets and they warned all users to transfer funds to binance exchange, is this the end of such beautiful exchange? Here is my advice to new crypto users out there..

1. We are told to buy coins and tokens and store them in wallets for long term hold, its a bad advice because if you don't stay updated you will miss a dangerous opportunity like what's happening to wazirx right now, imagine buying the tokens and never look back.

2. Wazirx shows that any project that starts with success can end up with great failure.

3. Wazirx exchange has everything, good utility and great use cases, many make it sounds like without these is only why projects fails.

[cryptoaddictchie]

3. Wazirx exchange has everything, good utility and great use cases, many make it sounds like without these is only why projects fails.

In every success stories. There are outliers and exception to that. Its not wazirX is careless but they did a mistake and Binance should speak on it. Maybe we all knew that any project affiliated with binance cant suffer a heavy hit but surprise, its happening now. It always depend on the project how transparently they could show their cleanliness and honesty. Well I do hope users of wazirX are safe and able to overcome such news that are spreading.

[DevFile90]

Can you explain how probation is a mistake? I don't know much about this wazirx problem but it thus looks like an AML issue and now that CZ is trying to cut this exchange off it means that the issue is big.

[BlackBaron]

WazirX vs. cz_binance Recently the news about WazirX has been stirred up and discussed by many crypto communities, this has become popular news on https://mobile.twitter.com/cz_binance, as quoted.

Sad that these have to be debated on Twitter:

Binance provides wallet services for WazirX.
WazirX domain is transferred to our control.
We were given a shared access to an AWS account.

We could shutdown WazirX. But we can't, because.. 1/2

The WazirX founding team maintained control of the operations of the platform. We (Binance) were never give data or control of users, KYC, etc. We would love to work with ED to fix these issues in WazirX.

For more information please take a look on twitter about the issue of the WazirX exchange and why the WazirX token is currently declining.

[Jawhead999]

Wazirx isn't a wallet, but an exchanges.

Binance suggest to transfer the funds to them is really ridiculous, they should suggest their user to transfer the coins to hardware wallet.

1. That's why you're need to use non custodial wallet for long term holding.
2. The same happen like Mt.Gox on 2014.
3. You can't know the future about the exchanges performance, they could earn a good money and become the best exchanges at that time. But the next few years they suffer huge loss and they're forced to close the exchanges.

[Jaered]

I think the issue here is just plain greed. Yes clear greediness and avarice on the part of the WazirX dev and team. How can a good Indian exchange just go down like this. They should have resisted the urge to take the money Binance was offering them and stayed the way they are. Now look. That buyout by CZ effectively made them puppets and that is what happens to puppets

[fzkto]

Interesting how CZ has denied any connection with Wazirx. It was funny to read the tweets about this exchange being owned by Binance and then that supposedly Binance is not aware of such a project. And now CZ offers to transfer all funds from one exchange to another. As if all this did not lead to a new market crash, because Wazirx was a big exchange.

[tbct_mt2]

Interesting how CZ has denied any connection with Wazirx. It was funny to read the tweets about this exchange being owned by Binance and then that supposedly Binance is not aware of such a project. And now CZ offers to transfer all funds from one exchange to another. As if all this did not lead to a new market crash, because Wazirx was a big exchange.

Two years ago, I remember that Binance promoted Wazirx a lot and from Binance, you can even have a link to Wazirx exchange. I did not use Wazirx because I already use Binance but many local in that nation would use that exchange more because Binance is a backer.

Lesson from Wazirx case, don't trust any exchange and store all your money there. They can be shut down, they can make a scam exit, they can be hacked and collapsed then are unable to compensate users. Many reasons to cause loss for your capital if you store it on exchanges.

[livingfree]

I read a news today that binance exchange will end up disabling wazirx wallets and they warned all users to transfer funds to binance exchange, is this the end of such beautiful exchange? Here is my advice to new crypto users out there..

1. We are told to buy coins and tokens and store them in wallets for long term hold, its a bad advice because if you don't stay updated you will miss a dangerous opportunity like what's happening to wazirx right now, imagine buying the tokens and never look back.

2. Wazirx shows that any project that starts with success can end up with great failure.

3. Wazirx exchange has everything, good utility and great use cases, many make it sounds like without these is only why projects fails.

1. That's why you buy tokens and you should monitor them at most times. Despite your busyness, still you should be able to follow all the news about the project.

2-3. I haven't used this exchange but I see that they're also one of the known exchanges out there. But when it's about the decision of Binance, it is their platform and they can list and delist, remove and add features or partnerships that they want to have.

[Nrcewker]

2. Wazirx shows that any project that starts with success can end up with great failure.

3. Wazirx exchange has everything, good utility and great use cases, many make it sounds like without these is only why projects fails.

It’s not the Wazirx who failed here. I have read a news 2 days back that Indian government raided on Wazirx and blocked all the cryptos. In India cryptos are not regulated properly and still consider Bitcoins as Illegal. So earlier a bill has been passed on parliament to impose tax on BTC transactions. This is the reason for which the exchange was in target of the Indian government, and for this the downfall of the exchange happened, and Binance also left it in the middle of ocean.

[Rupok]

I have been downloading Ozirex Wallet app for a long time.As suggested by them I worked on a bounty campaign and some dollars were supposed to be paid, but still today I have not received any payment.And have I installed the app for almost 5 months.  I did not get any benefit in return.So how can people trust this wallet.I think it always depends on the project so they know best how transparently they can show their cleanliness and integrity.We are trust to get some benefits this is our big problem.So we should think before doing anything

[hichamito37]

Wazirx isn't a wallet, but an exchanges.

Binance suggest to transfer the funds to them is really ridiculous, they should suggest their user to transfer the coins to hardware wallet.

1. That's why you're need to use non custodial wallet for long term holding.
2. The same happen like Mt.Gox on 2014.
3. You can't know the future about the exchanges performance, they could earn a good money and become the best exchanges at that time. But the next few years they suffer huge loss and they're forced to close the exchanges.

They propose to switch to binance exchange as Wazirx exchange is part of binance. so it's not uncommon for them to give such advice. Second: we can move anywhere we feel safe for our possessions, not necessarily taking their advice.
Storing assets on centralized exchanges is a rather risky thing, it can collapse at any time without warning. "It's not our keys, it's not our money."

[JohnBitCo]

I read a news today that binance exchange will end up disabling wazirx wallets and they warned all users to transfer funds to binance exchange, is this the end of such beautiful exchange? Here is my advice to new crypto users out there..

1. We are told to buy coins and tokens and store them in wallets for long term hold, its a bad advice because if you don't stay updated you will miss a dangerous opportunity like what's happening to wazirx right now, imagine buying the tokens and never look back.

2. Wazirx shows that any project that starts with success can end up with great failure.

3. Wazirx exchange has everything, good utility and great use cases, many make it sounds like without these is only why projects fails.

Another thing to learn here is that no matter how trusted the exchange is ( we knew that wazirx was a project of binance), it is not wise to store your funds in the exchange.
Deposit, trade and withdrawal from the exchanges should be the habit of the traders.

[Takyeon]

I have been downloading Ozirex Wallet app for a long time.As suggested by them I worked on a bounty campaign and some dollars were supposed to be paid, but still today I have not received any payment.And have I installed the app for almost 5 months.  I did not get any benefit in return.So how can people trust this wallet.I think it always depends on the project so they know best how transparently they can show their cleanliness and integrity.We are trust to get some benefits this is our big problem.So we should think before doing anything

I've never heard of Ozirex wallet before, are you sure about the spelling because I cant trace this back to wazirx exchange at all, also its not a wallet its a exchange like binace, I think the CEO got arrested for reasons that are not good.