Breaking: WazirX to Take This Action Against Binance Exchange

Since the bear market in 2022, Binance, the largest cryptocurrency exchange worldwide, and WazirX, India’s top cryptocurrency exchange, have been at war. The dispute continued into the new year. Binance gave Wazirx an ultimatum to withdraw its statement by the end of the year or risk losing access Binance wallets.
WazirX Searches Recourse
The dispute between Binance Labs and Zanmai Labs, which is the parent company to WazirX and is based in Singapore, concerns who has control of the Indian exchange. The public became aware of the conflict between the two executives when Binance CEO Changpeng Zhao (CZ) Zhao tweeted that Binance had no control over WazirX in August 2022. This caused Nischal Shetty, co-founder of WazirX, to respond with his own tweets.


Read more: Check out the Top 10 DeFi Loan Platforms of 2023
WazirX posted a blog on February 7 that Binance’s statement was not relevant to its customers. The process of transferring funds is believed complete. The exchange had made preparations to ensure that WazirX’s digital assets were stored according to industry standards. Users can continue to trade, deposit, and withdraw money as usual.
The crypto exchange was quoted as saying the following:
Trending Stories

Binance’s blog claims are false and unsubstantiated.
The Indian central exchange also stated that they will take the necessary steps to seek justice and protect their legal rights in this situation. WazirX may take legal action to stop Binance from terminating their services, although this was not explicitly stated. This is a first for Indian crypto markets.
Binance vs WazirX


According to information, Binance sent WazirX a directive on January 26 asking it to remove the “false narrative” and stop using Binance’s crypto wallets. Binance, however, stated in a blog post on February 3 that it was making an exception and invited WazirX into the process of withdrawing any remaining cryptocurrencies from the relevant accounts.
WazirX reported 90% of its assets were stored in Binance wallets. This solution seems to have ended concerns about what would happen client cash if Binance and WazirX decide to end their relationship. WazirX claimed that it had initiated the process of moving assets into multi-sig wallets, and that the process is now complete without any major problems.
Also read: Coinbase to List Next Gaming Token

About the author

The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

Crypto Stories
View all