Following a major hack in 2024, Indian crypto exchange WazirX is restarting operations. Meanwhile, regulatory bodies worldwide are taking action against unregistered cryptocurrency exchanges. The Financial Conduct Authority (FCA) of the United Kingdom has issued warnings to numerous crypto companies and pursued legal actions against HTX (formerly Huobi), while the Russian finance ministry plans new regulations for the cryptocurrency industry.
WazirX CEO Nischal Shetty announced that trading will resume on October 24th, with zero-fee trading available for the first 30 days. Initially, it will offer trading pairs with the Indian rupee, starting with Tether’s USDt (USDT) stablecoin. WazirX has been offline since a $230 million hack by Lazarus Group in July 2024. The exchange underwent restructuring through its Singapore-based parent company, Zettai, and recently received approval for its program from the Singapore High Court.
The Indian crypto app CoinSwitch filed a lawsuit against WazirX over failed recovery of funds, which was upheld by the Bombay High Court. Meanwhile, the FCA is taking action against unregistered crypto exchanges and companies that operate in the UK, following a rule change allowing crypto exchange-traded notes. This follows a recent ban on crypto payments for imports.
In Europe, regulators are seeking sanctions on Russian cryptocurrency exchanges to counter evasion of war-time sanctions on Russia. The EU passed its 19th package of sanctions that included restrictions on the stablecoin A7A5, which has been utilized as a financing tool for the war in Ukraine.