Binance terminates WazirX wallet services, asks it to withdraw users’ funds Binance terminates WazirX wallet services, asks it to withdraw users’ funds
Binance said it has invited Zanmai to work out arrangements to withdraw any remaining assets in the relevant accounts after Feb. 3
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Updated: Feb. 3, 2023 at 5:30 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Binance asked WazirX operator Zanmai Labs to withdraw the funds on its Binance wallets because it was terminating its services to the firm, according to a Feb. 3 statement.
Binance said it decided after Zanmai failed to clarify its misleading statements about the relationship between both firms. The exchange said it only provided wallet services for Zanmai’s WazirX operations.
However, Binance alleged that Zanmai misrepresented this to the public as “maintaining control over WazirX users’ assets, user activity, and the platform’s operations.” It wrote:
“It is in the interests of Binance and the public that Zanmai is not permitted to perpetuate false narratives on the basis of their use of Binanceโs wallet services.”
The CZ-led exchange said that it has invited Zanmai to work out arrangements to withdraw any remaining assets in the relevant accounts after Feb. 3. It added that “the responsibility ultimately lies with the Zanmai team to make the withdrawals expeditiously.”
A WazirX spokesperson told CryptoSlate that the exchange had initiated the process of transferring the assets to multi-sig wallets. The process would be completed “within the next few hours.”
Binance and the India-based exchange have been engaged in a public spat over its ownership since August 2022. At the time, WazirX’sโ founder Nischal Shetty insisted that Binance acquired and owned the exchange โ a claim that was vehemently denied by Binance CEO Changpeng ‘CZ’ Zhao.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
WazirX
WazirX is an India-based cryptocurrency exchange with an advanced trading interface and features to Buy, Sell & Trade cryptocurrencies.
Nischal Shetty is the founder and CEO of India’s leading cryptocurrency exchange WazirX.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.