WazirX’s week-long voting for its 4.4 million users is set to end today at 6 pm IST. The voting, which began on March 19, will determine the platform’s future restructuring plans.
However, users have limited choices, with WazirX management warning that rejecting the restructuring proposal could lead to further suspension of funds that have been stuck for over 9 months.
Once the voting concludes, a three-day gap will follow before a third-party auditor begins assessing the votes. The results of the vote will be announced on April 8. Amidst the ongoing issues, WazirX users have been actively seeking legal recourse.
The National Consumer Disputes Redressal Commission (NCDRC) in India dismissed several complaints from users, as reported yesterday. Earlier, the users sought redress from the Delhi and Kerala High Courts, but now it appears that they are planning to seek the Supreme Court’s intervention.
The main problem still lies in the fact that the funds of users are not secure. WazirX has pledged to return 85% of the users’ portfolio in case the restructuring plan is approved, which would be a reprieve to some users who are locked out of their funds.
With the clock ticking down to the voting deadline, the question remains: Will this vote be the turning point for WazirX users, or is it too little, too late?
Also Read: WazirX Woos Users Amid Voting, Claiming $478.5M in Funds
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