WazirX crashes after users sell on talk of India crypto ban, CEO asks investors not to panic

WazirX app witnessed heavy user activity following the government's decision to introduce a new cryptocurrency bill in the Parliament to ban private cryptos.

WazirX app witnessed heavy user activity following the government's decision to introduce a new cryptocurrency bill in the Parliament to ban private cryptos. A lot of investors took to WazirX and other crypto exchange platforms to sell their investments, resulting in an app crash. Some users even shared the screenshot of the WazirX app on Twitter and complained that they were unable to buy or sell cryptocurrencies on the platform. WazirX has tweeted that the app has been restored since the crash which was caused by heavy user activity after the government’s proposed regulation became public.

WazirX CEO Nischal Shetty requested the investors not to panic and show some faith in cryptocurrency. He tweeted that this is not the end but the beginning of crypto regulations in India. He added that the industry was given an opportunity to present while the law makers understand the growing market. Shetty also highlighted that over 1.5 million people have invested in cryptocurrencies in India.