Some 90% of user assets at WazirX, India’s largest crypto exchange by volume, are held in wallets at Binance while the remaining 10% are stored in hot and warm wallets, revealed WazirX’s proof of reserves that the company released on Wednesday.
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Fast facts
- “Our reserves-to-liabilities ratio is more than 1:1. This means that we have enough funds till the last minute to serve our users’ needs in case of liquidation,” WazirX said in a blog post.
- In August, Binance chief executive Changpeng Zhao and WazirX co-founder Nischal Shetty had a public dispute on Twitter about who owned WazirX.
- Shetty had said in an interview with India news website Moneycontrol that he has legal documents to prove that Binance, the world’s largest crypto exchange, controls all crypto deposits and withdrawals on the WazirX platform.
- WazirX’s proof of reserves are available on Coin Gabbar, a third-party crypto asset tracking platform.
- Many crypto exchanges, such as Binance and CoinSwitch, have recently published their proof of reserves to reassure users, following the sudden collapse of FTX.
- See related article: India crypto exchanges plan long-term future as day traders flee