Will WazirX Restructuring Plan Pass? Users Must Decide Before Today’s 6 PM Deadline

Voting for WazirX’s restructuring plan will close at 6 PM IST today, as set by the company. This puts its 4.4 million users in a tight bind. The company started a week-long voting period for users on March 19, 2025. Now that the deadline is approaching, many users are asking themselves whether these changes would make things better or worse.

Outline of WazirX’s Restructuring Plan

WazirX users are being asked to vote on a Scheme of Arrangement that outlines a comprehensive step-by-step plan for the restructuring process. The company claims that if the proposition is passed, it comes with a guarantee of 85% refund of the users’ locked funds. This restructuring comes after spending over nine months with no clear direction.

However, the company also states that denial of this proposal will further freeze user’s funds, and while this may be a worse off situation, a lot of users will still want this.

“If the vote does not pass, it will keep your funds frozen,” said a WazirX spokesman. This feedback loop has put a lot of pressure on users to vote before it’s too late.

This vote will close at 06:00 pm IST on the 28th of March, 2025. It has a three day period break until an external auditor looks into the votes casted, results will come in on the 8th of April 2025. Up until this point, the individuals registered choose to remain passive, uncertain of what their finances will look like on the platform.

Obstacles in Strategy and Annoyance of the User

With the approach of the voting rendezvous, several users of WazirX seem to prefer pursuing legal strategies. There are suggestions that the so-called National Consumer Disputes Redressal Commission (NCDRC) in India has thrown out rather multiple comical disputes from users waiting from a long time for their money to be paid back.

In advance, users gave those grievances to the High Courts of Delhi and Kerala but these also got dismisses. Therefore, users now desire to move this issue toward the Supreme Court of India.

As one user puts it, “We’ve been aimlessly waiting for hours with no resolution. We have no other option but put the matter to the highest court of appeal and its decision.”

This tactic has simply increased most WazirX users frustration (some were expecting their funds even weeks ago). With hopes of restoring funds through legal channels being very low, the verdict of the users are more favorable towards the restructuring vote.

The Road Ahead: Will the Restructuring Proposal Pass?

WazirX users await a verdict which could change their future completely. Although the company claims a partial solution exists, with 85% of funds seemingly able to be refunded, it also suggests that the locked funds remain permanently inaccessible. This offer, or at best, compromise, has further aggravated the situation for many, as some users do not wish to budge with their ‘no restitution, no agreement’ strategy.

No matter the worries of the public, the plan still passes because it has been dubbed a restructuring one.

A spokesperson for WazirX defended the claim by saying, “This is the best course of action to bring the platform back to normal.”

As if that was not enough to calm the public, there is also the fact that users have no room to discuss this matter further. Hence, the most puzzling question being, is this attempt at change even worthy of any sort of trust? Are these simply deliberations trying to shift the blame?

Impact on WazirX’s Reputation

Fighting the countdown, this decision will be foundational for WazirX’s standing in the cryptocurrency sphere for better or worse. The system is still bloated, with millions in user funds suspended, so it’s easy to see why there has been negative sentiment toward the platform in the past few months.

Users have stated their unhappiness on social media and complaints regarding the monetary issues have been noticed. In case the restructuring plan does not work, WazirX’s name has already suffered and would continue to suffer further risking the trust users have on the platform and its prospects in the future.

On the contrary, if the vote does pass and the funds are released, it would bring back faith into the platform. If this is enough to solve the dispute between WazirX and its users is still uncertain.

Final Outcomes: Decisions Pending

Now that the vote on restructuring WazirX is approaching the final stages, users have to make a critical decision that will define their finances in the future. The statement saying users would receive half of their funds back draws some hope, but the entire value coming back to the users is not guaranteed. Management has made it clear that if the proposal gets rejected, it would lead to more waiting and probable loss.

Users now have the challenge of determining whether they would like to accept this narrow choice or run the risk of experiencing further prolonged doubt. The WazirX users voted on April 8, 2025, but the company’s future depends on this important phase of how they deal with it.

FAQs

1. What is the vote in WazirX’s restructuring concerning?

The vote is, if WazirX users consent to a Scheme of Arrangement that betroths the process of retrieving 85% of the users’ locked funds.

2. What happens when users vote against the restructuring proposal?

In dismissing the proposal, there is a possibility around the further restriction of the set funds, which are stagnant for a number of months.

3. When will the WazirX vote results be published?

The proposal results will be published on April 8th after a 3-day assessment by an external auditor.

Glossary Key Terms

Scheme of Arrangement – Proposal to change or modify a company’s structure or organization or finances to deal with issues such as unmet obligations.

WazirX – A platform for an exchange in cryptocurrency for buying and selling of currency in digital format.

NCDRC – A public authority in charge of collection complaints from consumers in India.

References

• WazirX Official Website
• National Consumer Disputes Redressal Commission – India
• Coinmarketcap

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