Crypto Exchanges in India have struggled to get banks on board with offering their services to them after RBI’s informal policy that compelled them to do so. This has only become a problem lately as major payment platforms like Paytm and RazorPay have discontinued their support for crypto Exchanges. Although this hasn’t stopped them from implementing P2P transactions and parenting with smaller digital payment platforms like Airpay.
WazirX, India’s largest Crypto Exchange acquired by Binance has been involved in money laundering scams and with more heinous allegations to a degree where people have lost trust in Crypto Exchanges. However, the Exchange’s association with the people who committed the actual crime is questionable.
TRM Labs is an organization that assists companies with preventing people from stealing money through digital wallets and helps mitigate financial crime. It has partnered with WazirX to discover these bad players that are propagating such scams and put an end to the rampant fraud that takes place via their services. This will guarantee a layer of safety to many who are afraid of getting scammed by criminals who use these services for their own benefit.
WazirX has also been delving into the NFT market by experimenting with its own marketplace for digital art. This was done with the help of Buiance’s blockchain tech. For now, art can only be purchased via WazirX’s native token, “WRX”. Though it permits the transfer of digital assets to other blockchains like Ethereum. Prominent Indian artists have also joined in on this platform offering their artwork. The platform also allows artists to charge a royalty fee of up to 15% on every resale. It has strayed away from bidding as of now as it is looking for people to join in.