Wazirx is India's largest cryptoexchange. But for some time now, the value of its coin has been plummeting. Its all time high was about four to five dollars. Even though it has been going down for almost six to eight months now, do you know the reason?
Wazirx has a good market review in the start and it was going to believe that is able to sustain like other reputable exchanges.
https://www.cryptonewsz.com/cryptocurrency-exchange/wazirx-review/However, having this issue
https://www.business-standard.com/article/companies/cryptocurrency-exchange-wazirx-under-lens-for-evading-rs-40-crore-in-taxes-122010100010_1.html, this makes everything in change...
“During the investigation it came to notice that the firm used to collect revenue from commission as trading fees, deposit fees and withdrawal fees. It was paying GST only on commission earned in rupee but was not paying GST on commission earned in WRX,” the press release stated, adding that GST at the rate of 18 percent is applicable on this transaction fees.
This certainly affects the credibility of the exchange and might lead to traders finding another one if they never resolve it as possible. Even last year, they faces an issue
issue and they never had the chance to recover.