WazirX (WRX) Crashes 60 % on Binance Delisting and Legal Troubles

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As an analyst with extensive experience in the crypto market, I must admit that the recent events surrounding WazirX and Binance have caught my attention. The swift plummet of WRX following Binance’s delisting decision and the subsequent shake-up in the broader crypto market is a stark reminder of the volatile nature of this space.

On a single day, WazirX’s WRX token experienced a steep decline of over 60%, as reported by CoinMarketCap, following Binance’s announcement to remove the cryptocurrency from their platform. The value of the token dipped significantly, falling from a 24-hour high of $0.2490 to a low of $0.09893. Despite this downturn, there was a surprising 18.80% increase in trading volume, reaching approximately $31.18 million within the same timeframe.

As an analyst, I’m sharing the reasons behind Binance’s decision to delist certain assets. They explained that this move is part of their rigorous asset evaluation process, designed to uphold compliance with industry standards. Alongside WRX, AKRO and BLZ, these assets were identified for removal. Important trading pairs like SUI/TUSD and BNT/ETH will no longer be accessible from December 20th. However, Binance reassured users that other trading options for these tokens continue to be available on their platform.

In my role as a researcher, I’m sharing that Binance is making adjustments, which includes disabling Spot Trading Bots for certain pairs. This move emphasizes their commitment towards market efficiency and user safety. To prevent any potential financial losses due to deactivation, users are advised to either modify or cancel their bots accordingly.

WazirX Faces Fresh Probe in India

WazirX is currently facing increased legal examination in India, as the Delhi High Court has ordered a fresh probe into its cryptocurrency trading activities. The initiative for this investigation was taken by lawyer Jaivir Bains, who brought attention to a significant security breach that occurred earlier this year, leading to hackers making off with approximately $235 million from the exchange platform.

Thanks to Delhi High court 🙏

— Justice for WazirX Users (@IndiasCrypto) December 18, 2024

Although the Delhi police initially declared that no criminal case could be built based on their findings, Justice Sanjeev Narula contested this and ordered them to submit a revised status report by February 13, 2025. This command increases the possibility of further legal complexities for the management of the exchange as investigators continue to probe deeper into the hacking incident.

The significant security incident sparked a wave of condemnation across various circles within the cryptocurrency realm, as numerous users questioned the platform’s ability to safeguard their funds. The extent of the monetary damage raises concerns about the exchange’s entire security system and its dependability in operations.

Binance Delisting Shakes Crypto Market

The news about Binance removing a coin had a noticeable impact on the market, affecting not just WRX but also other tokens. SUI dipped by 6%, ending at $4.53, yet managed to secure a 19.67% increase in its weekly performance. On the other hand, Hamster Kombat (HMSTR) experienced a more substantial decline, falling by 8.18% to $0.002993. This resulted in an overall drop of 21.09% for HMSTR over the past month.

Just like other digital currencies, Bancor (BNT), Cyber (CYBER), and Anchored Coins (AEUR) experienced a dip. Specifically, BNT dropped by 7.19%, CYBER fell by 8.43%, and AEUR plummeted 4% to $0.9802. The declining patterns suggest that Binance plays a significant role in shaping market movements.

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2024-12-18 17:54