In a groundbreaking move, WazirX, India's premier Bitcoin exchange, has dismantled barriers to cryptocurrency trading by introducing an innovative KYC solution. This development is particularly significant for Non-Resident Indians (NRIs) and residents of Assam who have faced challenges in completing KYC due to the absence of an Aadhar card.
Diversifying KYC Documentation
Responding to user demands, WazirX now accepts documents beyond the traditional Aadhar card. Traders can seamlessly complete their KYC using a driving license or passport, streamlining the onboarding process. This strategic expansion aligns with WazirX's mission to involve every Indian in the blockchain revolution.
Inclusivity in the Crypto Revolution
WazirX's commitment to inclusivity extends beyond just facilitating KYC diversification. With the recent introduction of WazirX P2P, users can continue converting INR to crypto and vice versa, even in the face of regulatory deadlines. This dual initiative solidifies WazirX's dedication to breaking down barriers hindering widespread participation in the crypto revolution.
Breaking New Grounds
The move to accept KYC documents beyond Aadhar is not just a procedural change; it is a strategic step forward in bringing more Indians into the crypto fold. By addressing the needs of those without an Aadhar card, WazirX has significantly broadened its user base and reinforced its position as a pioneer in the Indian cryptocurrency landscape.
Simple Yet Impactful
The simplicity of the new KYC process stands out as a testament to WazirX's commitment to user-friendly experiences. By allowing the use of driving licenses and passports, WazirX ensures that the onboarding process remains accessible to all, regardless of their Aadhar status.
Spreading the Crypto Gospel
WazirX encourages its users to become ambassadors of this evolution. The call to action is clear: spread the word and help friends and family who have shied away from crypto trading due to Aadhar-related limitations. WazirX is not just a platform; it's a community that invites everyone to be part of the tribe.
Conclusion
In conclusion, WazirX's decision to broaden the scope of acceptable KYC documents is a game-changer for the crypto landscape in India. This move not only facilitates the onboarding of NRIs and individuals from Assam but also solidifies WazirX's position as a trailblazer in the blockchain revolution. The future of crypto trading in India is evolving, and WazirX is leading the charge, breaking barriers, and inviting every Indian to be part of this transformative journey. Jai Hind!
Is Wazirx safe to buy Bitcoin? I would say yes. There are a few reasons for this, They have strong KYC norms, which means If someone does anything suspicious on the platform, it gets reported and that person is blocked.
Once you click on submit, your details and docs move into the verification process. When the verification has been completed, you will receive an email from us approving your account! The verification process could take up to 72 hours depending on the volume of signups. But we try to be as fast as possible.
The user must be a registered user or needs to sign up on www.wazirx.com and complete KYC and Bank Account verification. Only KYC-verified users of WazirX are eligible for a reward. Rewards are limited and will be distributed randomly. Each user is eligible to receive a reward for one question only.
Yes. The IRS may still be able to track crypto even if you're using a no KYC exchange. The vast majority of blockchains, excluding privacy coins, are public.
It aims to perform background screening procedures and prevent financial institutions from using intentionally or unintentionally for fraudulent activities. KYC also helps assess the customer's financial health. KYC is usually done by verifying the identity and address of potential customers or clients.
Yes. Crypto is legal in India and there is no indication from the Indian government that there are any plans to ban crypto. This said, many investors have been alarmed at the hard stance the government has taken when it comes to the taxation of crypto and VDAs.
WazirX is India's largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of Binance group, which is the world's largest crypto exchange, serving users in 180 countries.
First off, owning and trading Bitcoin (and other cryptocurrencies) is legal in India. The Reserve Bank of India (RBI) classifies cryptocurrencies as "virtual digital assets" (VDAs). This indicates recognition for tax purposes, but they are not considered legal tender.
You may consider visiting the website of your bank.You may find the link 'Check KYC status'.You then enter the bank account number and the CAPTCHA to check the KYC status of your bank account. You may also log in to your internet banking account and check the bank account KYC status.
WazirX has also shut down UPI as a payment option. On the other hand, CoinSwitch Kuber has completely disabled all purchase options for Indian users. After its launch on 7th April, Coinbase, on 10th, shut down all purchase options, including the UPI.
1) Incorrect Bank details linked. Here the bank account number or IFSC linked is completely incorrect. 2) Bank details are valid but there's Name Mismatch. This means the Name on WazirX and the name on the Bank account is not matching.
"Suspension/Blocking of a user's account is subject to our terms and conditions i.e., when there is a violation of policies, deficient or suspicious KYC, or if we notice our platform is being used for illegal activities, we suspend/block the account of the user," the report said.
The minimum withdrawal limit is 500 INR. Hence you can't withdraw below 500 INR. You can deposit the remaining amount and later withdraw the whole sum altogether.
Following this forex violation charge in June 2021, in January 2022, Mumbai authorities began probing into tax evasion— and accused WazirX of only paying GST on commissions it earned on Indian rupee transactions and not the fees it charged on trades in WRX tokens.
From opening a bank account to availing online services, KYC procedures are in place to ensure the legitimacy of the parties involved. However, cybercriminals have become increasingly sophisticated in exploiting the digital channels through which KYC processes are conducted.
As with any cryptocurrency exchange, there are some risks involved with using WazirX, but overall it can be considered a safe platform to use. WazirX has implemented a number of security measures to protect user funds and data, including two-factor authentication, email verification, and SSL encryption.
Many exchanges and users prefer KYC in crypto due to the: Reduced risk of criminal activity like fraud, money laundering, and other malicious activities. Enhanced security for users as identity theft and scams are made more difficult.
WazirX is India's most trusted Bitcoin and cryptocurrency exchange and trading platform. The cryptocurrency exchange based in India gained prominence for providing a platform for users to buy, sell, and trade a variety of cryptocurrencies.
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