The Indian Consumer Affairs Department has reportedly refused to take action against the WazirX crypto exchange, citing orders from the Reserve Bank of India (RBI). The agency, which runs an awareness program focused on consumer rights and protection, stated that it had received directives to refrain from handling any services linked to cryptocurrencies. This decision has sparked frustration within the Indian crypto community, who argue that regulatory bodies collect fees from crypto companies but fail to provide adequate protection. WazirX is currently planning to introduce a new restructuring proposal and seek a vote in November 2024, following a hack that resulted in the loss of customer funds.
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