- Breach of Trust Statutory Violations ^Open

Gaurav KT filed this complaint against Wazirx on Oct 30, 2021

Dear Nischal, Sameer & WazirX Team

I originally opted for WazirX however soon I was nudged to explore Binance platform & transfer my crypto holdings to Binance without adequate detailing of associated risks and FEMA violations. Once registered on Binance I was nudged to invest into ‘Futures’ through a ‘zero interest trial’ scheme; again without adequate explanation of associated risks & exorbitant interest charges payable (I have paid ~ $****+ only as interest charges !). Only recently I discovered that ‘futures’ is most profitable segment for Binance because they trap gullible investors like me and make money through interest charges + swindle principal amount through price change, manipulation !

Argument that associated risks are well articulated and ‘safeguards’ around futures trading are merely an eye wash. Eligibility quiz to test individual abilities in ‘futures trading’ are designed to trick the gullible investors to believe they know it all… with ‘right answers’ prompts at every stage. Defeating the whole purpose of objectively measuring practical knowledge on how to operate futures or manage risks.

Anyways, its extremely disheartening to see ‘WazirX, Binance’ being celebrated as successful start-ups when all they are doing is exposing investors to unprecedented risks. Not to mention the FEMA & other statutory violations. While I am not a financial expert but certainly understand technology and call upon an independent ‘deep inspection’ of the algorithms to check for systematic ‘price manipulation’.

Binance is world’s largest crypto trading platform and therefore trust worthy. I believed in it and opted for WazirX & Binance as crypto trading platform. However I was subject to repeated price manipulation, deceit and this trust breach has left me completely bitter + broke.

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