Indian cryptocurrency exchange WazirX has announced its readiness to join the Binance initiative and conduct an audit of Proof Of Reserves cryptocurrency reserves.
The WazirX team tweeted about hiring an independent company to conduct the audit. The team assures clients that all their funds are completely safe and that they are ready to release Proof Of Reserves data to the public on a regular basis.
Update on Proof Of Reserve
WazirX will soon be sharing the Proof Of Reserves. Currently, the team is working with a third-party vendor and helping them with the audit. Rest assured, your funds are safe with us
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) December 9, 2022
The method used by cryptocurrency exchanges to voluntarily demonstrate the sufficiency of assets to cover the balance of all their clients is intended to confirm the reliability of the trading platform. However, joining WazirX to the Proof Of Reserve procedure became a necessary measure.
Following a statement from Binance founder Changpeng Zhao,
denying owning any shares of Zanmai Labs, the company behind the Indian crypto exchange WazirX, the position and credibility of the exchange has been shaken.
Previously, the public and regulators perceived WazirX as the “Indian subsidiary” of the largest cryptocurrency exchange in the world, Binance. Moreover, the Law Enforcement Authority of India filed claims against Binance following the freezing of accounts owned by WazirX due to money laundering allegations.
The management of the Indian crypto exchange reported that from April to September it received 828 requests from the police and other law enforcement agencies. Of these, 764 came from the Indian authorities, and the remaining 64 from foreign law enforcement agencies.
Source: Bits
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