'Base remains in Mumbai, employees can work from anywhere': WazirX on cofounders move speculations

Cryptocurrency exchange WazirX clarified on Wednesday that it has not shifted its corporate office from Mumbai to Dubai.

“We are a remote-first organisation with employees from over 70 locations. This gives all the company employees the option to work from anywhere, subject to their comfort and convenience unless they are required to travel officially. WazirX is headquartered in Mumbai and Bengaluru, and there is no change in any of our operating procedures. It is business as usual,” the company said in a tweeted statement.

BUIDLing for India, across India  pic.twitter.com/4hCdFtsbFh

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) April 19, 2022

The clarification was in response to media reports that the company’s founders, Nischal Shetty and Siddharth Menon, have shifted base to UAE. The buzz also got louder as many cryptocurrency companies and exchanges expressed their resentment over the government’s recent move to impose a 30% tax on virtual digital assets. Dubai, on the other hand, recently framed crypto-friendly laws.

Earlier this month, Shetty called the 1% tax deduction at source (TDS) on crypto transactions imposed by the government as a “worst case scenario” for the industry. He was amongst many industry executives who opposed the taxes imposed on the industry by the government.

Shetty also launched a separate firm in February, called Shardeum, which will compete with blockchain protocols like Ethereum and Solana. Unlike WazirX, which is a crypto exchange, Shardeum is a blockchain protocol that aims to reduce transaction costs associated with cryptocurrencies and solve scalability issues faced by the industry.

This, in turn, led to speculations about Shetty transitioning away from the crypto exchange, which is already owned by Binance, one of the largest crypto exchanges in the world. “Getting queries if I’m transitioning out of WazirX. If I intend to, YOU will hear it from me first, and not from ‘sources’,” Shetty tweeted at the time. “It’s not zero or one, but zero and one,” he added.

Getting queries if I’m transitioning out of WazirX. If I intend to, YOU will hear it from me first, and not from “sources"

It’s not zero or one, but zero and one #BuildForCrypto #Decentralization #Crypto

— Nischal (Shardeum)  (@NischalShetty) February 16, 2022

To be sure, UAE has been a hub for web3 firms not just in India but around the world. Dubai, which established the Virtual Assets Regulatory Authority (VARA) on March 9, has attracted startups and entrepreneurs from all around the world. The VARA allows web3 and crypto startups to register, and provides for them to issue digital tokens. It also monitors such token sales and regulates other aspects of the industry.