India-based crypto exchange WazirX is set to restart trading on Friday, marking a significant comeback after a year-long halt triggered by a $234 million security breach. To regain user trust and rebuild liquidity, WazirX will offer zero trading fees for at least the first 30 days of its phased relaunch.
CEO Nischal Shetty announced the revival plans, emphasizing the company’s commitment to support its community through this critical period. Trading will gradually resume from Oct. 24, with order placements opening at 10:00 am IST and order matching beginning at 5:00 pm IST. Initially, the platform will offer select trading pairs, starting with USDT/Indian rupee, before expanding to include a wider range of tokens.
The zero-fee initiative is designed to incentivize user participation as liquidity returns to the market. WazirX will also implement ongoing reviews of listed tokens, delisting or swapping those that no longer meet its transparency and stability standards.
This relaunch follows extensive investigations and restructuring efforts after the July 2024 hack that compromised a Safe Multisig wallet, leading to suspended withdrawals and lengthy legal proceedings in Singapore. With regulatory approval secured in mid-October, WazirX is now positioned to reclaim its role in the crypto trading space.
For more details, visit: https://cointelegraph.com/news/wazirx-restart-zero-fee-trading-after-hack