Exchange News- WazirX has officially ended the voting process for its Scheme of Arrangement, a key step in its restructuring plan.
- The results are awaiting verification by third-party auditor Kroll before implementation.
Indian cryptocurrency exchange WazirX has officially concluded the voting process for its Scheme of Arrangement, marking a crucial step in its restructuring efforts following last year’s $235 million hack. More than 15 million users were affected, and frustrations are growing over the exchange’s handling of the situation.
The vote on WazirX’s Scheme of Arrangement officially ended on March 28, 2025, but the final decision is pending verification by third-party auditor Kroll before implementation. The conclusion of the vote was announced via the exchange’s official X (formerly Twitter) handle and now everyone is waiting to see what comes next.
📢 Voting for the Scheme of Arrangement has officially concluded.
A heartfelt thank you to everyone who took the time to cast their vote. Your participation and continued support mean a lot.
Next, all votes will be submitted to an Independent Assessor for verification, ensuring… pic.twitter.com/ctw9dptIjE
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) March 28, 2025
Many are questioning WazirX’s security and decision-making. Experts wonder why such a large sum was kept in a single wallet, making it an easy target for hackers. Others are asking why the exchange had no backup funds to cover losses..However, its 4.4 million users wait for the vote results, which will be assessed by a third-party auditor, the future of WazirX hangs in the balance.
What the Vote Means for WazirX Users
The vote involved WazirX users and investors who got to decide on the restructuring plan. While the final results aren’t out yet, early reports suggest high participation and strong opinions on both sides. The outcome will likely affect how WazirX runs, its compliance with Indian laws, and the overall crypto trading scene in India.
The voting’s final decision will be determined by third-party auditor Kroll, under the leadership of Jason Kardachi. If the vote goes in WazirX’s favor, it could help the platform gain better standing with regulators and even set an example for other exchanges. If things don’t go as planned, users risk fund suspension, and if WazirX is forced into liquidation, payouts could be significantly delayed—potentially until 2030.
WazirX’s Scheme of Arrangement is basically a plan to reorganize its business to better handle India’s changing crypto rules. In a detailed X post, the CEO of WazirX Niscal Shetty clarified the exchange’s restructuring plans, and the implication of the voting process.
Still, regulations in India remain a big factor in WazirX’s future. The Financial Intelligence Unit (FIU) and the Reserve Bank of India (RBI) are keeping a close eye on crypto exchanges.
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Source: https://thenewscrypto.com/wazirx-scheme-of-arrangement-vote-ends-what-investors-must-know/