Binance to cease off-chain transfers for WazirX Binance to cease off-chain transfers for WazirX
Binance has moved to disable off-chain transfer options with WazirX as ownership feud continues.
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Updated: Aug. 9, 2022 at 11:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance has announced plans to cease support for off-chain fund transfers between itself and WazirX, effective August 11.
Users on the WazirX platform will not be able to transfer funds to Binance using the “Login with Binance” option. Instead, they will have to use the standard withdrawal and deposit process to complete their transactions.
Binance is moving away from the ongoing investigation against Zanmai Labs Pvt Ltd, the parent company of WazirX.
The Growing Feud between Binance and WazirX
The relationship between Binance and WazirX has not remained the same ever since the ED commenced an investigation of WazirX for allegedly facilitating money laundering activities. As a result, $8 million belonging to the exchange was frozen.
The investigation of WazirX perhaps drew much media attention because it has been linked as a Binance-owned exchange after a supposed purchase in 2019. Binance CEO Changpeng Zhaoย recently denied claims that Binance owned the exchange.
Quick thread on Binance and WazirX, and some incorrect reporting.
Binance does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders.
1/4
โ CZ ๐ถ Binance (@cz_binance) August 5, 2022
He stated that the process to acquire Binance has not been completed since 2019. WazirX has wallet integrations with Binance to allow users to make off-chain transfers between the exchanges to help save network fees. CZ advised that WazirX users should transfer their funds to Binance as they could disable WazirX wallets anytime.
In the public feud, WazirX’s’ founder Nischal Shetty presented his arguments to insist that Binance acquired the exchange and owns it.
1/ FACTS about WazirX & Binance:
WazirX was acquired by Binance
Zanmai Labs is an India entity owned by me & my co-founders
Zanmai Labs has license frm Binance to operate INR-Crypto pairs in WazirX
Binance operates crypto to crypto pairs, processes crypto withdrawalโฆ
โ Nischal (Shardeum) โก๏ธ (@NischalShetty) August 5, 2022
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Author 
Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
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.