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Binance has announced that the exchange of Indian crypto wazirx cannot use BINANCE portfolio services anymore. Zanmai, Wazirx's operator, has till February. 3 "to draw funds from accounts used for wazirx transactions." the movement came about as a result of a public dispute concerning the relationship between binance and wazirx.
Binance Ends Wallet Services to Wazirx
Cryptocurrency exchange Binance said Friday that Indian crypto exchange Wazirx “can no longer use Binance wallet services.”
Noting that it "has no control over Wazirx's operating funds or any aspect of Wazirx's trading transactions," Binance explained:
We have provided portfolio and technology related services to the stock exchange operator, Zanmai Labs (Zanmai), a service which we are terminating.
While Zanmai has indicated that he intends to withdraw funds from the accounts concerned, Binance noted that in his ad, the Indian company "has not fully removed the assets held in the Binance portfolios that it uses for the activities of Wazirx."
The Public Dispute Between Binance and Wazirx
Binance’s termination of wallet services to Zanmai followed a public debate between Binance and Wazirx regarding the nature of the relationship between the two cryptocurrency trading platforms.
"Zanmai made a series of misleading allegations related to Binance's alleged role in and liability for the exploitation of the Wazirx exchange," Binance described, developing:
The false and misleading story presented to the public falsely portrayed Binance as retaining control over the assets of Wazirx users, user activity and platform operations.
Stressing that he simply provided portfolio services to Zanmai "only as a technological solution for their Wazirx swap transactions," Binance said on 26 January, He offered the Indian company an option to "withdraw public misrepresentation (and continue to use our services) or stop using our wallet service." Binance continued:
Because Zanmai refused to clarify their misrepresentation, Zanmai has until February 3, 2023 (23:59 UTC) to withdraw funds from the accounts they used for Wazirx transactions.
Binance CEO Changpeng Zhao (CZ) recently said that India is not a viable business opportunity for his exchange due to the country’s regulatory stance, including a hefty tax framework. The exchange of cryptography has actively developed its operations all over the world. Now licensed in seven EU countries, Binance recently acquired a Japanese exchange and invested in a Korean exchange.
What do you think of the binance terminating its portfolio services for the exchange of Indian crypto wazirx? Please let us know in the comments below.
