Home News More Indian Exchanges Respond to Proof of Keys Movement

More Indian Exchanges Respond to Proof of Keys Movement

January 07, 2019 12:08
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The Proof of Keys movement is going on, and majority of Indian exchanges have now cleared the air over their stance on this movement. Yesterday we had told you how Coindelta was the only exchange making a public declaration over this topic, and now 3 other exchanges have also made similar declarations on being bugged by Crypto Kanoon. The exchanges include WazirX, BitBns and PocketBits. You can see their responses below.

Here’s the response of BitBns CEO Gaurav Dahake:


Here’s what PocketBits CEO Sohail Merchant said:

PocketBits response

And here’s what Nischal Shetty of WazirX said:


Now, there are some similarities in all these responses. Almost each and every one of these exchanges has assured of having complete reserves to honor all withdrawal requests, even if those requests are placed within a single day. Yet, all of these exchanges (except for one) have not said anything about going through a 3rd party audit to verify their claims for greater transparency. It was only PocketBits that showed the willingness in its statement to go through a 3rd party audit, but even they said that they would do so after consulting international auditors on the parameters of audit.

While it’s relieving to see that none of these exchanges have had to put an embargo on withdrawals during this movement (as HitBTC did), a lot of questions still remain unanswered until these exchanges either reveal their wallet addresses or submit to a 3rd party audit. Let’s see whether any of these things happens anytime soon or not.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)


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