WazirX CEO, COO Move Out of India to Dubai: Report

According to a news source, Nischal Shetty and Siddharth Menon, both co-founders of WazirX, have left India with their families for Dubai, indicating that India's unfriendly stance towards the digital asset sector is causing an exodus of crypto-entrepreneurs from the country. WazirX's CEO and COO are Shetty and Menon, respectively.

Since April 1, when the new crypto taxation rules went into effect, the Binance-operated firm, India's largest crypto exchange by volume, is among the several local trading sites that have suffered a dramatic drop in transactions.

Although there is no official confirmation or rejection of these reports, WazirX responded to a media question with a statement claiming that the company is remote-first and that its executives can work from anywhere, according to the news article.

“We are a remote-first organisation with employees from over 70+ locations. This gives all the company employees the option to work from anywhere, subject to their comfort and convenience unless they are required to travel officially. WazirX is headquartered in Mumbai and Bengaluru, and there is no change in any of our operating procedures. It is business as usual,” Business Today quotes from the statement in its report.

Dubai is quickly establishing itself as a new crypto city, and it might become a key destination for Binance, which owns WazirX. In light of this, the relocation of top WazirX executives to Dubai suggests that they may be recruited for higher responsibilities at Binance.

Exchanges are being hammered by a sharp drop in volume.

On April 10, Indian crypto exchanges hit a six-month low, with volumes falling by 92 to 98 percent, according to CryptoPotato.

“Trading volumes on top crypto exchanges (normalized for the last one year) slid 92-98% on April 10 at one point compared to peaks observed last year, data from cryptocurrency aggregator Coingecko.com showed."

To make matters worse, as of April 1, at least four payment aggregators, including MobiKwik, have stopped providing services to crypto exchanges. This is in addition to businesses like Unified Payments Exchange refusing to provide instant electronic retail payments and settlement services (UPI).

The near-collapse of trading volume at digital asset exchanges like WazirX has been attributed to high crypto taxes and banks' refusal to provide retail payments services.

Dubai is establishing itself as a new crypto hub.

To offer a clear regulatory environment for the crypto business, Dubai passed a new Virtual Assets Law on March 9 and established an independent Virtual Asset Regulatory Authority.

Binance has been granted permission to operate a digital asset exchange in the city. FTX intends to establish a regional headquarters in the city as well. Bybit has received an in-principle approval, while CryptoCom is preparing to hire for its next venture in the United Arab Emirates.