WazirX Resumes Operations After Year-Long Shutdown Amid UK Regulatory Actions
Indian exchange WazirX reopens after resolving its year-long hiatus following a substantial hack, while UK regulators intensify scrutiny on crypto exchanges.
After facing a significant hack in 2024, Indian crypto exchange WazirX is set to reopen its platform for trading on October 24. The platform will initially offer trading without fees for the first month while gradually introducing trading pairs with the Indian Rupee, starting with Tether’s USDt stablecoin.
Analysis
In a recent statement, CEO Nischal Shetty confirmed the exchange’s return to the market and urged users to participate in the new zero-fee trading initiative. This follows a year-long shutdown initiated after hackers associated with the Lazarus Group reportedly stole around $240 million from the platform, which had close to $500 million in assets before the breach.
The UK’s Financial Conduct Authority (FCA) is concurrently intensifying its efforts against unregistered exchanges. Recently, the FCA launched a lawsuit against HTX, a platform owned by Justin Sun, accusing it of operating unlawfully within the UK.
In Russia, the Finance Ministry has indicated plans to set new regulations for crypto transactions, particularly those concerning cross-border payments. Finance Minister Anton Siluanov highlighted that measures are being taken to regulate the financial market effectively.
Lastly, in the United States, Hyperscale Data has made headlines by allocating $60 million into its Bitcoin treasury, underscoring the growing trend among firms to invest heavily in cryptocurrencies despite market volatility.
WazirX to Relaunch After Hack
WazirX will restart operations after months of restructuring approved by the Singapore High Court. However, not all creditors are satisfied, as legal disputes remain, specifically with CoinSwitch regarding unsatisfied claims.
FCA Targets HTX
The FCA has filed charges against HTX concerning its registration status and promotional activities in the UK, as it aims to protect consumers amidst rising crypto exchanges.
New Regulations in Russia
Russia’s Ministry of Finance plans to introduce new laws aimed at regulating the cryptocurrency industry further, indicating a stringent approach towards crypto regulations.
Hyperscale’s Bitcoin Investments
Hyperscale Data has notably invested a substantial amount into its Bitcoin holdings, illustrating a significant trend in the market as firms navigate through stabilizing strategies and experiences.
