The native token of Indian cryptocurrency exchange WazirX, WRX, has seen a strong price rally over the last 24 hours amid increased regulatory pressure on major foreign-based exchanges operating in India.
Key Takeaways:
- WRX price is up 8.98% over the past 24 hours to $0.2346.
- Trading volume over the past 24 hours stands at a substantial $10.9 million.
- WRX hit a 24-hour high of $0.2576 before pulling back slightly.
- The price surge comes as Apple removes major exchanges like Binance and KuCoin from its Indian iOS app store.
WRX has seen its price jump almost 9% in the last day, outperforming the broader cryptocurrency market. After hitting a 24-hour high of $0.2576, the WRX price did pull back but remains solidly above the 24-hour low of $0.202.
The rally appears to be connected to recent regulatory moves in India targeting major foreign-based cryptocurrency exchanges. Apple has removed apps for exchanges like Binance, KuCoin, and OKX from its India iOS store.
Source: CoinStats – Start using it today
This comes after India’s Financial Intelligence Unit (FIU) sent notices to these offshore exchanges, demanding they comply with local anti-money laundering rules. Authorities have also taken initial steps to block access to their websites for Indian users.
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Show more +As an India-based exchange fully compliant with local regulations, WazirX stands to benefit from this scrutiny of foreign competitors. WRX has pumped in the past when the Indian government bans or investigates offshore exchanges, as users flock to regulated local options like WazirX.
With over 400,000 users and the highest-rated Indian crypto trading app, WazirX is well positioned to pick up market share if major foreign exchanges are limited by regulators. This likely explains the strong price performance for the exchange’s WRX token over the last day.
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