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Binance Cuts Ties with WazirX, Cancels Its Wallet Service

Published Feb 03, 2023 01:00PM ET Updated Feb 03, 2023 02:30PM ET
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Binance Cuts Ties with WazirX, Cancels Its Wallet Service

  • Binance has told WazirX to withdraw all funds from Binance wallet services.
  • WazirX and Binance have been in a public argument since WazirX got in trouble with Indian regulators.
  • Binance claims that WazirX made false statements after a money laundering probe.

In an apparent move to cut ties with the Indian crypto exchange, Binance has stopped offering wallet services to WazirX.

The move comes after months of public arguments between Zanmai Labs-owned WazirX and Binance. The world’s largest crypto exchange claimed that WazirX issued misleading statements about their relationship.

Because of those claims, Binance has “offered Zanmai a choice between retracting the false public statements (and continuing to use our services) or terminating the use of our wallet service,” according to its blog post.

“As an exception, we have invited Zanmai to work out arrangements with us to withdraw any remaining assets in the relevant accounts after 3 February. However, the responsibility ultimately lies with the Zanmai team to make the withdrawals expeditiously,” Binance wrote.

In response, WazirX said they have started transferring funds to multi-signature wallets. “Users can continue to trade, deposit & withdraw funds as usual. Your funds are safe with us,” they wrote.

Binance Claims WazirX Trying to Shift Blame

The argument over the relationship between the two exchanges started WazirX came under investigation for money laundering. Binance claims that WazirX made false statements to shift the responsibility of potential wrongdoing from itself.

“The false and misleading narrative put forth to the public misrepresented Binance as maintaining control over WazirX users’ assets, user activity, and the platform’s operations,” the statement continues.

Instead, Binance claims that it only offers wallet services and a tech solution to WazirX. Moreover, the exchange claims that it offers similar services to multiple businesses.

“Binance has never managed or controlled WazirX’s operations, including in relation to users’ assets and user activity. Our provision of wallet services to Zanmai was not unique – it was similar to arrangements we have with numerous other firms that use our technology and infrastructure to independently run their businesses,” Binance wrote.

On the Flipside

  • In 2019, Binance published a press release saying it “acquired India’s leading digital asset platform WazirX.”
  • Binance had since redacted the press release, saying that the acquisition was an “agreement to purchase certain assets and intellectual property of WazirX.”

Why You Should Care

Binance is by far the largest crypto exchange in the world. Whatever happens to it has a systemic impact on the crypto space.

You may also like:

India’s WazirX Comes Under Government Microscope for Laundering $350m

Binance CEO Changpeng Zhao Gets into Verbal Spat with WazirX Founders on Twitter

See original on DailyCoin

Binance Cuts Ties with WazirX, Cancels Its Wallet Service

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