WazirX is one of the promising exchanges in India which was acquired by Binance in 2019. I really like WazirX as an exchange because it's very easy to operate and can grow your crypto portfolio with ease. It is also having a very good user's experience and thus for newbies, it's like a piece of cake to start the investment.
Recently WazirX has received some legal requests from Indian and Foreign agencies and they have blocked over 14K accounts. Now the problem is how sure the exchange can be that they are not blocking the account that has not done any criminal activity.
If I talk about India, we have over 10 million people who own crypto and it ranks first in the entire world to own the next generation of currencies. Mainly people of age 21 to 35 are involved in crypto. Now with so many people involved in crypto, it's not very easy to find out the accounts having criminal activity so how the exchanges can be so sure that 14K accounts which they have blocked are not of genuine users who have earned crypto legally.
PC: https://coinmarketcap.com/
I was going through CoinMarketCap top cryptocurrency decentralized exchanges but could not find any which has a big name or might be it's wrong to find a big name. Though dYdX seems to be on the top of the list with the market share of almost 40%.
According to the exchange information,
dYdX is the developer of a leading non-custodial decentralized exchange on a mission to build open, secure, and powerful financial products. dYdX runs on audited smart contracts on Ethereum, which eliminates the need to trust a central exchange while trading. The exchange combines the security and transparency of a decentralized exchange, with the speed and usability of a centralized exchange.
So I think what I have to do is to is to keep our crypto in the cold wallets and thus forget about the centralized exchanges at all or try to use the decentralized exchanges as much as possible.
