Claim Giveaway Token Proof of Reserve

Binance Wallets Are No Longer Available for WazirX Exchange

  • The cryptocurrency exchange has been actively growing its operations across the globe.

  • Binance recently purchased a Japanese exchange and made an investment in a Korean exchange. The company is now licensed in seven EU nations.

  • CEO of Binance (CZ) recently said that India is not a viable business opportunity for his exchange due to the country’s regulatory stance.

Binance Wallets Are

Binance recently announced that the Indian crypto exchange WazirX 

Will no longer be able to utilize Binance wallet services. 

The operator of Wazirx, Zanmai, has been given until February 3rd to withdraw all funds from the accounts used for Wazirx's operations. This decision follows a public disagreement between Binance and Wazirx.

Binance discontinues its wallet services for Wazirx

On Friday, Cryptocurrency exchange Binance declared that Indian crypto exchange Wazirx is no longer able to use the Binance wallet services. This decision comes as a result of the Indian government's recent ban on cryptocurrency trading.

"We have no control over Wazirx user funds or any other part of the Wazirx exchange's operations" Binance continues to explain, "they had provided wallet and related technology services to the exchange's operator, Zanmai Labs (Zanmai), but they were now terminating this service." 

While Zanmai has conveyed its intention to withdraw money from the appropriate accounts. Binance noted that, at the time of its announcement, the Indian company had not yet fully withdrawn the assets held in the Binance wallets used for Wazirx's operations.

Binance and Wazirx's Public Argument

Following a public debate between Binance and Wazirx regarding the nature of their partnership between the two cryptocurrency trading platforms, Binance announced the termination of wallet services to Zanmai.

According to Binance, "Zanmai has made a number of false statements regarding Binance's supposed participation in and oversight of the Wazirx exchange," the company said, adding:

“The public was misled into believing that Binance was in, charge of the assets, user activity, and platform operations of Wazirx user activity, and platform operations of Wazirx users through a false and misleading narrative.”

Binance highlighted that it only offered wallet services to Zanmai "as a tech solution for their operations of the Wazirx exchange" and that on January 26 it gave the Indian company the option of "retracting the false public statements (and continuing to use our services) or terminating the use of our wallet service." Binance went on to say:

"Given that Zanmai has refused to provide clarity regarding their potentially misleading statements, they have until February 3, 2023, at 11:59 PM UTC to withdraw the funds from the accounts they utilized for Wazirx's operations. Failure to do so could result in serious consequences."

Binance CEO Changpeng Zhao (CZ) recently declared that India is not a viable business opportunity for his exchange due to the country's stringent regulations and hefty taxation framework. Despite this, the crypto exchange has been actively expanding its operations worldwide, obtaining licenses in seven EU countries, acquiring a Japanese exchange, and investing in a Korean exchange. 

Also Read: Elon Musk's Twitter Ad Revenue Initiative Boosts Dogecoin Price

Related News
Related Blogs