WazirX trading volumes tank over 50% amid ED probe, ownership controversy

moneycontrol.com:

Crypto exchange WazirX, which has been in an ugly spat with Binance over its ownership, has seen trading volumes tank by more than 54 percent over the last five days. This comes at a time when trading volumes of Indian exchanges are already at their lowest.

Secondary research firm CREBACO data shows that WazirX’s trading volume dropped from $4.3 million on August 5 to $2 million on August 9.

WazirX is India’s biggest crypto exchange with more than 10 million users who have been stunned by the Enforcement Directorate’s (ED) money-laundering probe and Binance disowning the exchange following the investigation.

Last year, it traded a volume of $43 billion, with the WazirX (WRX) coin ranking among the top five currencies.

The price of the coin, now controlled by Binance, has dropped more than 9 percent and trading volume halved over the last five days, CREBACO data shows.

Moneycontrol has reported that the future of WRX coin has been a matter of concern for the users. In a statement, Binance said, “As for listing or delisting, we don’t comment on any specific token or coin. At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect.”

Also read: ED investigation, Binance break-up—is brand WazirX crumbling?

Binance said on August 5 that the company does not own Indian crypto exchange WazirX, raising questions over a deal that was understood to be completed in 2019.

The statement came after ED said it froze Rs 64.67 crore worth of bank assets of WazirX for allegedly assisting some instant loan app companies in the laundering of money through the purchase and transfer of virtual crypto assets.

As reported by Moneycontrol, Binance’s CEO Changpeng Zhao, one of the