WazirX Crypto Exchange Review 2026: What Happened and Is It Safe Now?

Ben Bevan 1 January 2026 22 Comments

WazirX was once India’s biggest crypto exchange. By 2021, it had over 16 million users and handled more than $5 billion in trades every month. It was fast, easy to use, and backed by Binance-the world’s largest crypto platform. But in July 2024, everything changed. A security breach stole around $230 million from user wallets. Overnight, WazirX went from hero to zero. Now, in early 2026, it’s trying to come back. But can you trust it?

What WazirX Was Before the Hack

Before the breach, WazirX was the go-to exchange for Indian crypto traders. It let you buy and sell Bitcoin, Ethereum, and over 250 other coins using Indian Rupees (INR). No other exchange in India offered such deep liquidity for INR pairs. That’s because it was connected directly to Binance’s trading engine. Orders filled faster, spreads were tighter, and you could trade large amounts without big price swings.

The platform was simple. Whether you were new to crypto or had been trading for years, the app felt clean and intuitive. Deposits started at just $1 (about ₹83). You could trade spot, use peer-to-peer (P2P) trading with zero fees, or even trade perpetual contracts-with one big catch: no margin trading. Leverage was capped at 1:1. That made it safer than many competitors, but also less appealing to advanced traders looking to amplify gains.

Fees were tiered. If you traded more than ₹50 lakh in 30 days or held WRX tokens, your spot trading fee dropped to 0.10%. Otherwise, it was 0.2%. Withdrawal fees were higher than on CoinDCX or ZebPay, but the P2P option made up for it-no fees, no middlemen.

Security wasn’t perfect, but it was decent. 95% of funds were stored offline in cold wallets. Two-factor authentication (2FA) was required. KYC was mandatory-you needed an Indian PAN card. And the interface? One of the best in the country.

The $230 Million Hack That Changed Everything

On July 12, 2024, WazirX’s multi-signature wallet was compromised. Hackers got access to the keys. They moved out $230 million in Bitcoin, Ethereum, and other assets. The exchange froze withdrawals immediately. No one knew how it happened. No public apology. No clear timeline. Users were left in the dark.

For months, customer support vanished. Reddit threads filled with posts like: “Lost 2.3 ETH. No updates. No answers.” Trustpilot reviews dropped from 4.5 to 3.8 as angry users flooded in. Trading volume collapsed-from $5.4 billion a month to near zero.

The Indian government didn’t shut WazirX down. But regulators started asking tough questions. FIU-IND, India’s financial watchdog, demanded answers. The exchange was already registered with them, but now they had to prove they could protect users.

WazirX didn’t disappear. It went quiet. For 16 months, it stayed offline. No trading. No deposits. No withdrawals. Just silence.

The Recovery Plan: 85% Back, Over Two Years

In January 2025, the Singapore High Court approved WazirX’s recovery plan. Why Singapore? Because Binance’s legal structure is based there. The court didn’t force full repayment. Instead, it allowed WazirX to return only 85% of user funds.

The rest? Gone. Written off. No explanation. No legal recourse.

Users will get their 85% back-but not all at once. Payments are spread over 18 to 24 months. Some people got a small initial payout. Others are still waiting. The exchange says it’s working with blockchain forensic firms to track stolen funds. So far, they’ve recovered about $40 million. That’s less than 20% of what was stolen.

CryptoSecurity Insights called this a “dangerous precedent.” If exchanges can steal $230 million and only pay back 85%, what’s stopping others from doing the same? In emerging markets like India, where many users are new to crypto, this sets a terrible standard.

Split-device sketch showing secure biometric login on one side and coins vanishing into a hack-themed black hole.

What’s Different Now?

WazirX says it’s fixed everything. And honestly, the changes are impressive-if you ignore the fact that they needed to happen because of a disaster.

98% cold storage - Up from 95%. Nearly all funds are offline.
Quarterly security audits - Now done by Cure53, a top blockchain security firm. Before, it was once a year.
AI transaction monitoring - Real-time alerts for unusual activity.
Withdrawal whitelisting - You must pre-approve every wallet you send crypto to.
Biometric login - Face ID and fingerprint support on mobile apps.
Delayed large withdrawals - Any withdrawal over ₹5 lakh takes 48 hours to process.
Quantum-resistant encryption - A rare move. Designed to protect against future computing threats.
Monthly transparency reports - Public updates on fund status, security audits, and recovery progress.

These aren’t just upgrades. They’re industry-leading safeguards. If WazirX had had even half of these in place before July 2024, the hack might never have happened.

Is WazirX Still the Best for Indian Users?

Let’s be clear: WazirX is no longer the best exchange in India. CoinDCX and ZebPay have taken its place. Both support multiple fiat currencies. Both have better customer support. Both didn’t lose hundreds of millions.

WazirX still has one advantage: liquidity. Because it’s tied to Binance, trading pairs like BTC/INR and ETH/INR still have the deepest order books. If you’re trading large amounts, you’ll get better prices here than anywhere else in India.

But here’s the problem: you can’t trade unless you’re in India. WazirX only accepts INR. No USD. No EUR. No GBP. If you’re outside India, you can’t use it. Even if you’re Indian and living abroad, you’re locked out.

And then there’s the trust issue. Would you put money back into a platform that lost your cash and only promises to give it back-partially-over two years?

Transparent wallet prototype with layers showing 98% cold storage, 48-hour delays, and 85% refund percentage.

Who Should Use WazirX Today?

Only two groups should consider WazirX right now:

Users waiting for their 85% refund - If you’re one of the 16 million who lost funds, you need to stay on the platform to receive your payout. You can’t move your account. The refund is tied to your original KYC.
Experienced traders who understand the risk - If you’re comfortable with the fact that you might lose money again, and you need the best INR liquidity, you could trade small amounts. But don’t deposit more than you’re willing to lose. And never keep funds on the exchange longer than needed.

Everyone else? Look elsewhere. CoinDCX, ZebPay, and Bitbns are safer, more reliable, and still offer great INR trading. None of them have a $230 million hole in their history.

The Bottom Line: A Shadow of Its Former Self

WazirX isn’t dead. It’s not even broken. It’s damaged. It’s still connected to Binance. It still has the best tech. It still has the deepest liquidity for INR. But it lost something no amount of code can fix: trust.

The security upgrades are real. The recovery plan is court-approved. The transparency reports are a step forward. But none of that changes the fact that users lost hundreds of millions-and were told they’d only get 85% back.

If you’re an Indian trader who still believes in crypto, WazirX might be tempting. But it’s like buying a car that caught fire last year-even if the mechanic says it’s fixed, would you drive it on the highway?

For now, WazirX is a cautionary tale. Not a recommendation.

Can I still trade on WazirX in 2026?

Yes, but only spot trading has been restored as of early 2026. P2P and derivatives markets are still offline. You can deposit INR and buy/sell cryptocurrencies, but withdrawals are limited to users eligible for the recovery payout. New users can sign up, but they should understand the risks.

Is WazirX safe to use now?

Technically, yes-its security is now among the strongest in the industry. But safety isn’t just about code. It’s about trust. WazirX lost $230 million due to a preventable failure. Even with better systems, many users don’t believe it can happen again. Use it only if you’re prepared to lose your funds again-or if you’re waiting for your refund.

How much of my money will I get back?

If you lost funds in the July 2024 hack, WazirX plans to return 85% of your original balance. The rest is permanently lost. Payments are being made in installments over 18 to 24 months. The first wave of payouts began in late 2025. You must be a verified user with a registered Indian PAN to qualify.

Can I use WazirX outside India?

No. WazirX only accepts Indian Rupees (INR) for deposits and withdrawals. You need an Indian PAN card to complete KYC. Even if you’re an Indian citizen living abroad, you cannot use the platform unless you have a valid Indian bank account and ID.

What happened to WazirX’s partnership with Binance?

Binance still owns WazirX and continues to provide its trading infrastructure, liquidity, and backend technology. That’s why WazirX still has the best order book depth for INR pairs. But Binance has publicly distanced itself from the recovery process, stating it’s a separate legal entity. Users should not assume Binance will cover losses.

Should I deposit money into WazirX today?

Only if you’re a professional trader who understands the risk and plans to withdraw immediately after trading. Do not store funds on WazirX. The platform’s history shows it’s not a safe place to hold crypto. Even with improved security, the risk of another failure-whether technical, legal, or reputational-is too high. Use it for short-term trades only, if at all.