WazirX exchange promised to provide audited proof of its reserves

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Indian cryptocurrency exchange WazirX has announced its readiness to join the Binance initiative and conduct an auditProof Of Reserves.

The WazirX team tweeted about hiring an independent company to conduct an audit.The team assures clients that all of their funds are completely safe and that it is willing to provide Proof Of Reserves data to the public on a regular basis.

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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 designed to confirm the reliability of the trading platform.However, WazirX's accession to the Proof Of Reserve procedure was a forced measure.

Following the announcement by Binance founder Changpeng Zhao,
denying ownership of any shares in 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 perceivedWazirX&nbsp;as the “Indian subsidiary” of the world's largest cryptocurrency exchange Binance. Moreover, India's Enforcement Directorate filed claims against Binance after freezing accounts belonging to WazirX over money laundering allegations.

The management of the Indian crypto exchange reported,that from April to September received 828 requests from police and other law enforcement agencies. Of these, 764 came from Indian authorities and the remaining 64 from foreign law enforcement agencies.