WazirX Has Delayed the Release of Its Remaining User Funds — Again. The New Timeline Is Now Set for May 2025

WazirX has delayed the release of its remaining user funds—again. The new timeline is now set for May 2025, stretching an already long wait even further.

WazirX has encountered another snag in its journey to release remaining user funds, pushing the new timeline to May 2025. This further extends an already lengthy wait for users who have been anticipating the return of their crypto.

The platform explained that the delay is due to internal reasons, but details are limited, sparking further worry among crypto enthusiasts.

What Happened?

The recent user vote on the proposed plan for distributing remaining user funds was a significant step. However, many users may have misunderstood the process. As Heller pointed out, the belief that funds will start being distributed immediately after the vote is a misinterpretation.

The next official step is to get approval from the Bombay High Court for the proposed plan. This hearing is now scheduled for May 13, and without the court's green light, WazirX cannot proceed.

The current timeline is as follows:

* March 2023: User vote on the proposed plan for distributing remaining user funds.

* May 13, 2023: Bombay High Court hearing to approve the plan.

* May 2023: Finalization of the plan and preparations for distribution.

* May 2025: Planned time frame for completing the distribution of remaining user funds.

Is The Timeline Being Pushed Back?

According to Nischal Shetty, the CEO of WazirX, nothing has been pushed back or delayed. The current timeline is still in place, and the legal process is a necessary part of ensuring the funds are handled properly and to protect both WazirX and its users.

Shetty also expressed annoyance at online speculation and urged people to stick to the facts. He added that the facts are easily accessible, and people should "stop making things up."

Why Is This Important?

WazirX has faced its fair share of difficulties, especially after its public split from Binance earlier this year. This fund distribution is a crucial step for the exchange as it seeks to regain the trust of its users following a turbulent period.

Shetty has repeatedly emphasized the importance of transparency and keeping the community informed. The new time frame for completing the fund distribution is May 2025.

A lawful and orderly execution of the fund distribution plan is not just important for WazirX users but also sets an example for how Indian crypto exchanges can operate. The outcome could influence broader sentiment around the Indian crypto ecosystem, which has been undergoing increased regulatory scrutiny.

As we move forward, May 13 will be a pivotal date for the Bombay High Court hearing to approve the proposed plan for distributing remaining user funds. Until then, the focus remains on completing the finalization of the plan and preparing for the distribution stage.