• Binance has cut ties with WazirX, canceling its wallet service after months of public argument.
• Binance claims that WazirX issued misleading statements which misrepresented their relationship in regards to user assets and activity.
• In response, WazirX has started transferring funds to multi-signature wallets and users can continue trading, depositing, and withdrawing without any issues.
Binance Cuts Ties with WazirX
Binance has told WazirX to withdraw all funds from Binance wallet services due to an apparent move to cut ties with the Indian crypto exchange. This comes after months of public arguments between Zanmai Labs-owned WazirX and Binance over false statements made by the latter regarding money laundering probe.
False Statements Issued by WazirX
Binance claims that WazirX issued misleading statements about their relationship which misrepresented Binance as maintaining control over user assets, user activity, and the platform’s operations. As an exception, Binance invited Zanmai to work out arrangements for withdrawing any remaining assets before February 3rd but ultimately it is up to the team at Zanmai.
In response to this news, WazirX said they have started transferring funds to multi-signature wallets so users can continue trading deposits and withdrawals as usual without any problems or delays.
Binace Criticism of False Narrative
The world’s largest crypto exchange also criticised the false narrative put forth by Waziration saying that it had never managed or controlled their operations including in relation to user activities or assets – instead they only offered wallet services as similar arrangements with numerous other firms who use their technology and infrastructure independently run their businesses.
This dispute between two exchanges was triggered when India’s leading digital asset platform came under investigation for money laundering back in 2019 after which Binance had acquired them. Since then both parties have been in a public quarrel which resulted in Binance cutting ties with them recently by cancelling its wallet service on February 3rd while still allowing them time until then for making necessary arrangements for fund withdrawal process.