WazirX, one of India’s leading cryptocurrency exchanges, has issued a warning to its creditors that they may face significant delays in repayments if they reject the company’s proposed restructuring plan. The plan, which was recently approved by the Singapore High Court, aims to address the financial challenges faced by the exchange and ensure its long-term sustainability.

In a statement released by WazirX, the company emphasized the importance of the approved restructuring plan in securing the future of the exchange and its users. The plan includes a proposed repayment schedule that extends until 2030, with the first installment to be paid in 2022. However, if creditors reject the plan, the exchange warns that repayments could be delayed until 2030, causing further financial strain for all parties involved.

The restructuring plan was put forth by WazirX’s parent company, Binance, in response to the ongoing legal battle between the exchange and its creditors. The dispute arose after the Reserve Bank of India (RBI) imposed a ban on banks dealing with cryptocurrency exchanges in 2018, leading to financial difficulties for WazirX. The exchange was forced to halt its operations and was subsequently acquired by Binance in 2019.

Since then, WazirX has been working towards finding a solution to its financial challenges and ensuring the safety of its users’ funds. The approved restructuring plan is a crucial step in this direction, and the exchange urges its creditors to support it for the sake of all stakeholders.

WazirX’s warning to its creditors serves as a reminder of the potential consequences of rejecting the proposed plan. The delay in repayments until 2030 could have a significant impact on the exchange’s ability to operate and fulfill its obligations towards its users. It is in the best interest of all parties involved to support the approved restructuring plan and work towards a sustainable future for WazirX.